The Tribunal held that there was no evidence on record except the statement of the assessee recorded during survey proceedings, which had already been retracted by the assessee. The action of the Commissioner (Appeals) sustaining the addition made by the Assessing Officer was not justified. (AY. 2013-14, 2014-15)
Nitin A. Shah v. Dy. CIT (2022)97 ITR 63 (SN) (Mum) (Trib)
S. 133A: Power of survey-Assessment-Income from undisclosed source-Additions made solely on the basis of statement recorded during survey-Additions not justified. [S. 131, 143(3)]