Statement made during Survey supported with Corroborative Evidence is admissible as Evidence

Thiru S.Shyam Kumar Vs  ACIT (High Court Madras) The entire issue revolves around the factual matrix as to whether the slips, which contain certain details, were pertaining to payments made by the assessee, not brought into the books of accounts.  Before the assessing Officer, the assessee has given more than one statement accepting the on-money payment.  For the first time, before the Commissioner of Income Tax (Appeals), the assessee took a stand that the slips are only dumb sheets and there was no connection with the purchasing of residential property and further, the assessee sought to...