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The Tax PublishersITA No. 6301/Mum/2018
2020 TaxPub(DT) 5451 (Mum-Trib)INCOME TAX ACT, 1961
Section 153A
Where AO made addition under section 69 towards on-money payment while framing section 153A assessment solely based upon builder's employee statement which had been retracted and without any corroborative material brought on record, the addition was not sustainable, especially when AO had not referred the matter to DVO for valuation.
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Search and seizure - Assessment under section 153A - Addditions only on basis of builder's employee statement -
AO while framing search assessment in assessee's case made addition under section 69 towards on-money payment. The addition was based on search statement under section 132(4) given by employee of the builder.Held: When addition was solely based upon builder's employee statement, which had been retracted and without any corroborative material brought on record, same was not sustainable especially when AO had not referred the matter to DVO for valuation.
Supported by:CIT v. P.V. Kalyanasundaram (2007) 294 ITR 49 (SC) : 2007 TaxPub(DT) 1498 (SC) & P.V. Kalyansundaram (2006) 282 ITR 259 (Mad-HC) : 2006 TaxPub(DT) 1332 (Mad-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, MUMBAI BENCH
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