PCIT v .Sunshine Import and Export Pvt. Ltd. (2020) 424 ITR 195/ 273 Taxman 173 (Bom) (HC)

S. 133A :Power of survey -Rejection of books of account and estimation of income – Accommodation entries – Statement of director recorded two Thousand days after survey and not under oath – Merely on the basis of statement addition is held to be not valid [ S.144 ]

Dismissing the  appeals  of the revenue the Court held that the statement recorded under S.  133A not being recorded on oath could not have any evidentiary value and no addition could be made on the basis of such statement.  The Tribunal had found that the assessee had discharged the onus to prove that the transactions were genuine by furnishing the relevant documents, such as, copies of bank statements, ledger copies of various purchases, xerox copies of purchase invoices, relevant copies of daily stock register, confirmation letters, etc. The order of the Tribunal holding that on the basis of the statement given by a director of the assessee the Assessing Officer could not have concluded that the assessee had issued accommodation bills and rejected the books of account, was justified.( AY.2008-09, 2009-10)