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2011 (5) TMI 564 - HC - Income TaxOrder u/s 263 of CIT(A) set aside - Search and seizure - whether the AO had examined the issue and surrender of Rs. 61.30 lacs at the time of search in his statement recorded during the search out of an amount of Rs. 62.30 lacs found at his residence - Held that:- There was no proper consideration by the AO to the issue at hand, he left many loose ends, that too in a case where huge cash was found during survey; most of it was surrendered by giving statement at the time of search, though retracted and sought to be explained afterwards. It was necessary for the AO to properly adjudicate upon this issue and the assessment order should have at least reflected that he had satisfied with the explanation disclosing source of the cash found and that there was a proper and valid retraction. The AO in the assessment order did not discuss the statement recorded at the time of search. No doubt, as per the assessee, this statement was retracted. In a case like this, it was necessary for the AO to at least reflect that the retraction was proper. Thus the order of the CIT passed under Section 263 of the Act is restored. Against assessee.
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