Additions Quashed for Being Based Solely on Section 133A Survey Statement: Chhattisgarh HC

Smt. Asha Sharma Vs PCIT (Chhattisgarh High Court) The Chhattisgarh High Court decided a tax appeal filed under Section 260-A of the Income Tax Act, 1961, examining whether additions towards alleged excess stock and excess cash could be sustained solely on the basis of a statement recorded during survey proceedings under Section 133A of the Act. The appeal arose from survey proceedings conducted on 03.03.2011 at the business premises of the assessee, who was engaged in trading car accessories. During the survey, the assessee disclosed excess cash of ₹6,03,109 and excess stock of ₹25,32,398...