https://www.taxtmi.com/caselaws?id=330323 A statement recorded during survey has no evidentiary value equivalent to a sworn search statement, so an assessment cannot rest on it alone. Here, however, the income-tax assessment also drew support from the commercial tax proceedings, a reaffirmation letter from the maker of the statement, and the assessee's failure to show the statement was wrong. The quantification of alleged stock suppression was linked to excess stock found in the KVAT inspection, and the later KVAT order substantially reduced that excess. The assessment was therefore not invalid solely for relying on the survey statement, but it required fresh consideration to give effect to the reduced KVAT finding. en-us Mon, 04 Jul 2016 00:00:00 +0530 Thu, 17 Nov 2016 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330323 A statement recorded during survey has no evidentiary value equivalent to a sworn search statement, so an assessment cannot rest on it alone. Here, however, the income-tax assessment also drew support from the commercial tax proceedings, a reaffirmation letter from the maker of the statement, and the assessee's failure to show the statement was wrong. The quantification of alleged stock suppression was linked to excess stock found in the KVAT inspection, and the later KVAT order substantially reduced that excess. The assessment was therefore not invalid solely for relying on the survey statement, but it required fresh consideration to give effect to the reduced KVAT finding. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330323