Addition based on statement recorded u/s 133A without considering evidences is unjustified

ITO Vs Aggarwal Trading Company (ITAT Delhi)

ITAT Delhi held that addition merely on the basis of statement recorded u/s 133A of the Income Tax Act without considering the documents and evidences is unjustified. Accordingly, matter remanded back for fresh consideration.

Facts- Assessment proceedings have been initiated against the assessee, an order u/s 143(3) of the Act came to be passed on 30.03.2015 by making an addition of Rs.2,96,82,150/- in respect of diffrence in stock found during the course of survey operation, a sum of Rs.9,58,500/- made on account of excess cash found.

Aggrieved by the assessment order dated 30.03.2015, the assessee has preferred an appeal before the Ld.CIT(A) and the Ld.CIT(A) vide order dated 16.04.2014, out of the addition of Rs.2,96,82,150/- made in respect of excess stock found during the survey operation, sustained addition of Rs.10,84,317/-and further sustained addition of Rs.9,58,500/- on account of excess cash found.

Being aggrieved, both assessee and revenue has preferred the present appeal.

Please become a Premium member. If you are already a Premium member, login here to access the full content.