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2014 (1) TMI 130 - AT - Income TaxUnexplained investment - unexplained excess cash - Held that:- The assessee has disclosed and accepted his income during the survey operation through return of income filed - He has also filed an affidavit in respect of retraction - After the assessee had filed the affidavit, he was neither cross examined on that point nor was he called upon to produce any documentary evidence - The assessee was entitled to assume that the income tax authorities were satisfied with the affidavit as sufficient proof on this point - The A.O. has not even rejected such an affidavit of the assessee in the entire proceedings before him - Following Sohan Lal Gupta Vs. CIT [1957 (3) TMI 54 - ALLAHABAD HIGH COURT] - The assessee has made a bonafide claim of application of the income that stood surrendered in the aforesaid five years and there being no contrary material on record, the addition of Rs. 6 lacs in the hands of Shri Kishorebhai Mohanlal Karia and cash in hand as unexplained investment in stock in the hands of M/s M.P. Scrap Traders are unjustified - Decided in favour of assessee.
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