1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
<h1>High Court Upholds Tribunal's Decision: Director's Retracted Statements in Tax Survey Discarded, Assessee Favored.</h1> The HC dismissed the department's appeal, affirming the ITAT's decision in favor of the assessee. The ITAT had allowed the assessee's appeal, discarding ... Discarding of statements made by the Director of the assessee company during the courts of survey u/s 133A and retracted after 34 months - assessment was finalized u/s 143(3) and survey operation u/s 133A(1) was carried out at the premises of the assessee HELD THAT:- No contention was raised before the Tribunal regarding regarding retraction therefore, after 34 months, it will not be appropriate to reverse the finding of the Tribunal. The issue is answered in favour of the assessee and against the department. Issues:Challenge to Tribunal's judgment and order regarding assessment under Income Tax Act.Analysis:The appellant challenged the Tribunal's judgment, which dismissed the department's appeal and allowed the assessee's appeal. The High Court framed a question of law related to the justification of the ITAT's decision in discarding the statements made by the Director of the assessee company during a survey operation under section 133A of the Income Tax Act, which were retracted after 34 months. The assessment under section 143(3) of the Income Tax Act revealed discrepancies and excess stock during a survey operation. The Assessing Officer made various additions based on the material gathered during the survey, including excess stock, purchases from unregistered dealers, unexplained share application money, unexplained investment in construction/renovation, disallowed expenses, and delayed payments. The Court noted that no contention was raised before the Tribunal regarding the retraction of statements after 34 months, leading to the decision to uphold the Tribunal's finding in favor of the assessee and against the department.Conclusion:The High Court dismissed the appeal, affirming the Tribunal's decision in favor of the assessee.
TaxTMI 
TaxTMI 
