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2018 (3) TMI 813 - ITAT PUNEAssets taxable under the provision of Wealth Tax Act - addition of the properties in the ‘net wealth’ on the basis of statement recorded u/s.132(4) of the Income Tax Act, 1961 - Held that:- The assessee in his statement admitted that investments in the movable and immovable properties listed above are made out of undisclosed income. AR has reiterated the fact that the assessee has financed for purchase of assets in the name of his wife and nephews. It is also an un-rebutted fact that the assessee has disclosed the assets listed above in his block return of income. No reason to disturb the findings of Commissioner of Wealth Tax (Appeals). The order of Commissioner of Wealth Tax (Appeals) in confirming the additions is well reasoned and justified. We concur with the same. Accordingly, the impugned order is upheld and appeals of assessee are dismissed. The assessee has filed certain documents as additional evidences to substantiate that the properties added in the ‘net wealth’ of assessee are not registered in his name. AR has failed to give any plausible reason as to why these documents have not been placed before the AO or Commissioner of Wealth Tax (Appeals) when they were in possession of assessee at the time of assessment/hearing before First Appellate authority. Additional evidences could not be admitted merely on the asking of appellant. The assessee/appellant has to show reasonable cause for not producing the documents/evidences, (now furnished as additional evidences) before the lower Authorities when the same were available with him. In the absence of any valid reason for not producing these documents before Authorities below, the prayer of assessee for admitting additional evidences is rejected. - Decided against assessee.
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