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2010 (3) TMI 753 - AT - Income TaxBlock assessment - Undisclosed income - Revision u/s 263 - It was the case of the assessee himself at the time of search that the cash represented his undisclosed income from which he subsequently sought to retract. It is thus a case of shifting explanations. The subsequent explanation by the assessee that the unaccounted income and cash belonged to the firm was neither spontaneous nor supported by any evidence - it is not the case of the assessee that his statement was obtained under duress or coercion. It is also not his case that the statement was not voluntarily made by him - Held that: Tribunal has confirmed the addition of unaccounted income as unexplained income on the basis of acceptance of income in the statement of the assessee recorded under section132(4) of the Act and the Tribunal has rejected the retraction made by the assessee through his affidavit - Therefore assessee is liable to penalty under section 158BFA(2) of the Act - Decided against the assessee
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