The assesseee purchased the flat from shah Hosecon Pvt Ltd . In the course of survey\u00a0 in \u00a0the premises of the builder certain sheet was found and the statement of the accounted was recorded.\u00a0 The accountant of the company has accepted the receipt of the on money \u00a0\u00a0\u00a0\u00a0. In response to show cause notice the assessee denied the payment of on money . The assessee also requested for cross examination of the person who has given the statement . The Assessing Officer issued the summons to the accountant of the Company and appear for cross examination . In spite of summons no body appeared on behalf of the builder. The \u00a0assessee filed an affidavit denying the payment of any cash amount .\u00a0 \u00a0The \u00a0Assessing officer made an addition of Rs 30 lakhs as unexplained investments. On appeal CIT( A) affirmed the order of the AO. On appeal the Tribunal held that statements recorded during survey proceedings u\/s. 133A does not hold evidentiary value unless corroborated by independent evidence. The Tribunal \u00a0relied on the ruling in the case of Yash Synthetic Pvt. Ltd. (ITA No. 268\/Mum\/2024 dt. 18 -6 -2024 \u00a0and Anil Jaggi v. ACIT (ITA No. 3049\/Mum\/2016dt. 20 -12 -2017 ), which stated that no addition could be made based solely on uncorroborated survey statements. The Tribunal held \u00a0that the AO did not consider the affidavit, and bank statements, or conduct further inquiries. The addition is deleted . \u00a0(AY 2014 \u2013 2015) (ITA No. 3233\/Mum\/2024 dated 21\/02\/2025 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69: Unexplained Investments \u2013 Alleged on money \u2013 Purchase of flat – Survey statement – Opportunity of cross examination is not provided \u2013 Merely on the basis of statement of the accountant of the builder no addition can be made . [ S.132(4), 133A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52152","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dza","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52152"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52152\/revisions"}],"predecessor-version":[{"id":52153,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52152\/revisions\/52153"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}