Dismissing the appeal of the revenue the Court held that ; Addition of undisclosed income cannot be made on the basis of (a) entries in dairy found during survey & (b) admission of director in s. 133A survey if assessee has filed a retraction and alleged that the entries/ statement were recorded under pressure. Statement u/s 133A is merely information simplicitor and not evidence per se. Addition cannot be sustained if the Dept has not investigated the matter and find material to support the addition . ( TA No. 612/2018, dt. 12.06.2018) (AY.2011-12)
PCIT v. Texraj Realty P. Ltd ( 2018) 95 Taxmann.com 102 (Guj)(HC), www.itatonline.org
S. 68:Cash credits- Survey-Addition of undisclosed income cannot be made on the basis of (a) entries in dairy found during survey & (b) admission of director in s. 133A survey if assessee has filed a retraction and alleged that the entries/ statement were recorded under pressure. Statement u/s 133A is merely information simplicitor and not evidence per se. Addition cannot be sustained if the Dept has not investigated the matter and find material to support the addition. [S.133A ]