https://www.taxtmi.com/caselaws?id=781930 ITAT held that statements recorded during survey u/s 133A(3)(iii), which are not on oath, have no independent evidentiary value and cannot be the sole basis for addition. The disallowance of labour and sub-contract expenses u/s 37, made only on the basis of a retracted statement of one contractor and partial reliance on another, without any corroborating material or inquiry into other contractors, was found unsustainable. Observing consistent profit ratios and higher profit for the year, ITAT concluded the expenses were incurred wholly and exclusively for business and deleted the additions, allowing the assessee's appeals. en-us Fri, 07 Nov 2025 00:00:00 +0530 Sat, 22 Nov 2025 07:36:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781930 ITAT held that statements recorded during survey u/s 133A(3)(iii), which are not on oath, have no independent evidentiary value and cannot be the sole basis for addition. The disallowance of labour and sub-contract expenses u/s 37, made only on the basis of a retracted statement of one contractor and partial reliance on another, without any corroborating material or inquiry into other contractors, was found unsustainable. Observing consistent profit ratios and higher profit for the year, ITAT concluded the expenses were incurred wholly and exclusively for business and deleted the additions, allowing the assessee's appeals. Case-Laws Income Tax Fri, 07 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781930