ITAT Reverses Addition made Solely based on Survey Statement u/s 133A without Corroborative Evidence

The Income Tax Appellate Tribunal (ITAT) has reversed an addition to a taxpayer's income that was made solely based on a statement recorded during a survey under Section 133A of the Income Tax Act. The tribunal ruled that statements made during surveys must be corroborated with other evidence to justify an addition to income. In this case, the tax authorities had relied solely on the survey statement without any supporting documentation or evidence, leading the ITAT to overturn the addition. This decision underscores the importance of corroborative evidence in tax assessments and protects taxpayers from arbitrary assessments based solely on statements made under pressure.