Allowing the appeal of the assessee the Tribunal held that ; merely on the basis of admission made in the course of survey addition cannot be made . Order in Hiralal Maganlal v.DCIT (2005)97 TTJ 377 (Mum) (Trib) is distinguished. CBDT Circular No. 286/2/2003 (Inv.) II dated 10.03.2003 referred. ( ITA No. 795/Mum/2015, dt. 23.02.2018)(AY. 2006-07)
Amod Shivlal Shah v. ACIT (Mum)(Trib) , www.itatonline.org
S. 143(3): Assessment- Survey- An admission of estimated income made during survey has no evidentiary value and is not binding on the assessee. The income has to be assessed as per the return of income and books of account. [ S. 133A ]