Assessee Not Required to Submit Separate Written Retraction Under Section 133A

Sheetal Collection Vs DCIT (ITAT Pune) In the case of Sheetal Collection vs DCIT, ITAT Pune addressed whether a separate written retraction is necessary for statements made under Section 133A of the Income-tax Act. The case involved a partnership firm that, during a survey under Section 133A, admitted undisclosed income totaling ₹8,00,000 to cover potential errors. Despite this admission, the firm did not include the amount in its tax return. The AO added the amount to the firm’s income, which was upheld by the CIT(A). ITAT Pune overturned this decision, stating that no separate writte...