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2014 (2) TMI 472 - ITAT AGRADeletion made u/s 68 of the Act – Search u/s 132(1) of the Act made – Held that:- Nothing was found incriminating against interest of assessee during the course of survey - The additions were made merely on the basis of surrender made by the assessee on the basis of statement recorded during the survey - No material is also referred during the course of statement to show if assessee earned any unaccounted income for the assessment years under appeals - it was mere statement of assessee without any basis for making surrender - The assessee in reply to show cause notice u/s. 142(1) with regard to surrendered income also explained that he is maintaining regular books of accounts and vouchers and no material discrepancy was found to make any surrender - Thus, there is nothing on record to prove that any material was found to indicate earning of undisclosed income – Relying upon Paul Mathews And Sons Versus Commissioner of Income-Tax [2003 (2) TMI 25 - KERALA High Court] and on Board's circular apply in favour of the assessee – Decided against Assessee.
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