2024 (8) TMI 177

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....u/s 143(3) of the Act by the Dy. Commissioner of Income Tax, Circle-2, Jalgaon ['AO' hereinafter] anent to assessment year 2014-15 ['AY' hereinafter] the assessee is in appeal. 2. Tersely stated the facts of the case are that; 2.1 The assessee is a partnership firm and engaged in retail trading business of readymade garments. During the year under consideration a survey action u/s 133A of the Act on the assessee firm was carried out and a statement of its partner was recorded. In answering to question number 16 the partner declared/admitted certain undisclosed income in relation to firm's business activities viz; (a) excess cash Rs.7,51,313/- (b) unpaid sundry creditors Rs.2,32,087/- (c) excess stock Rs.16,08,121/- & (d) towards Gross....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lied upon. The sole & substantive issue in the present appeal revolves around the permissibility of addition on the basis of statement recorded in the course of survey action u/s 133A of the Act where no corroborative evidences/findings were brought on record by the Revenue. 4. There is no definition in the Act as to what constitutes a 'statement'. The dictionary meaning of 'statement' is 'something that is said formally and officially either orally on in written form which either confirms or denies any fact' The clause (iii) of s/s (3) of section 133A of the Act empowers an income tax authority to record statement of any person which may be useful for or relevant in connection with ongoing survey proceedings. This pr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... However, in the ITR filed the assessee offered all the additional income admitted by it in the statement recorded u/s 133A of the Act but the impugned sum, for the reasons that both the parties could neither discover any error or omission nor there was any in the records, books & documents etc., came to surface. Insofar as the retraction of statement is concerned, unlike admission made in statement recorded u/s 133A of the Act, the assessee may specifically be required in writing to retract the admission made on 'statement on oath' u/s 132 of the Act. The non-inclusion of admitted sum/amount in the return of income filed by the assessee itself solitarily sufficient to constitutes retraction from the admission so made while recording the s....