Statement Recorded - Survey case

The assessee is not legally bound to disclose the higher amount of Rs. 25 lakhs admitted during the survey if the true and supported income is only Rs. 15 lakhs, as reflected in the bank statement and detailed records. Statements made during a survey under section 133A are not conclusive evidence and are not binding if contrary evidence is available. The law and settled case precedents make clear that such survey statements are only one piece of information and can be rebutted by the assessee with relevant documents and explanations.

The Delhi High Court, ITAT, and other authorities have held that admissions during a survey may be retracted or corrected if the assessee can substantiate the correct facts through documentary evidence.

Supporting records such as books of accounts, bank statements, and other relevant documents take precedence over a mistaken admission in a survey if these establish the actual state of affairs.

Thank you very much Sir

You are welcome.