TMI Blog2011 (7) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... his return of income for the under consideration till the relevant due date. A survey u/s 133A therefore was carried out at the business premises of the assessee. During the course of survey, a statement of the assessee was recorded u/s 131 wherein he stated that a project known as Gagandeep Building at Pleasant Park, Meera-Bhayandar Road, Dist. Thane, started in the year 2003 was only under execution during the relevant period. In the absence of any books of account maintained for the previous years relevant to A.Y. 2005-06, 2006-07, the assessee agreed to declare income of ₹ 51 lakhs from the said project being 10% of the total project receipts amounting to ₹ 5.10 crores. He however did not file any return of income even after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced closing work-in-progress shown by the assessee by ₹ 29,60,039/- for the failure of the assessee to furnish the details of work-in-progress and held that opening work-in-progress for the next year to that extent will be taken less. 3. Against the order passed by the Assessing Officer u/s 144 r.w.s. 147, the assessee preferred an appeal before the Ld. CIT (A) challenging the additions made to his total income by the AO. After considering the submissions made on behalf of the assessee and the material on record before him, the Ld. CIT (A) confirmed the addition made by the Assessing Officer on account of difference in the profits from Gagandeep Building Project on the basis of surrender made by the assessee in his stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs, the income of ₹ 15,90,676/- returned by the assessee was not accepted by the Assessing Officer. He rejected the book results shown by the assessee and estimated the income of the assessee from his business on the basis of profit of 10% surrendered by the assessee from the Gagandeep Project in his statement recorded during the course of survey. This estimation and business income of the assessee by the Assessing Officer resulted in an addition of ₹ 13,91,667/- to the total income of the assessee which has been confirmed by the Ld. CIT (A) after allowing a small relief of ₹ 3,00,373/- which has been declared by the assessee in A.Y. 2007-08 and the assessee, as informed to us at the time of hearing, has not filed any appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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