No reassessment can be made solely on basis of statement recorded u/s 133A

A. Thangavel Nadar Stores Vs ITO (Madras High Court)

Conclusion: Reassessment was not justified wholly on the basis of a sworn statement recorded in the course of survey in the absence of any other tangible evidence available with the Assessing Officer as the materials collected and the statement obtained under Section 133A would not automatically bind upon the assessee.

Held: The issue arose for consideration was whether a notice/ proceedings for re-asses

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