Survey Statement Alone Insufficient to Justify Tax Additions: Chhattisgarh HC

Smt. Neetu Sharma Vs PCIT (Chhattisgarh High Court) This tax appeal under Section 260A of the Income Tax Act, 1961 was admitted by the Chhattisgarh High Court to consider whether the Income Tax Appellate Tribunal (ITAT) was justified in sustaining additions toward alleged excess stock and excess cash based solely on a statement recorded during a survey under Section 133A of the Act. The appellant, engaged in trading car accessories, was subjected to a survey under Section 133A on 3 March 2011. For Assessment Year 2011–12, she filed a return declaring an income of ₹13,37,110. During assessm...