https://www.taxtmi.com/caselaws?id=756473 The ITAT Pune allowed the assessee's appeal, reversing the addition of undisclosed income by the AO. The Tribunal determined that the addition was based solely on a statement recorded during a survey under section 133A of the Income-tax Act, 1961, without corroborative evidence. The Tribunal noted that section 133A does not authorize examination on oath, rendering the statement insufficient to substantiate the income addition. Consequently, the Tribunal concluded that the non-inclusion of the disputed sum in the return was a retraction from the initial admission, lacking evidential support, and ordered the reversal of the income addition. en-us Thu, 01 Aug 2024 00:00:00 +0530 Fri, 02 Aug 2024 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756473 The ITAT Pune allowed the assessee's appeal, reversing the addition of undisclosed income by the AO. The Tribunal determined that the addition was based solely on a statement recorded during a survey under section 133A of the Income-tax Act, 1961, without corroborative evidence. The Tribunal noted that section 133A does not authorize examination on oath, rendering the statement insufficient to substantiate the income addition. Consequently, the Tribunal concluded that the non-inclusion of the disputed sum in the return was a retraction from the initial admission, lacking evidential support, and ordered the reversal of the income addition. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756473