https://www.taxtmi.com/caselaws?id=385381 The Tribunal overturned the addition made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals), in favor of the assessee. The Tribunal held that the addition based solely on statements recorded during survey proceedings lacked evidentiary value without corroborative evidence. It emphasized that statements under Section 133A of the Income Tax Act require supporting credible evidence. The Tribunal found the lack of proof that the excess stock belonged to the assessee, leading to the deletion of the addition and allowing the assessee's appeal. en-us Wed, 28 Aug 2019 00:00:00 +0530 Wed, 04 Sep 2019 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385381 The Tribunal overturned the addition made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals), in favor of the assessee. The Tribunal held that the addition based solely on statements recorded during survey proceedings lacked evidentiary value without corroborative evidence. It emphasized that statements under Section 133A of the Income Tax Act require supporting credible evidence. The Tribunal found the lack of proof that the excess stock belonged to the assessee, leading to the deletion of the addition and allowing the assessee's appeal. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385381