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2014 (9) TMI 1078 - AT - Income TaxAddition on income surrendered - survey under section 133A - Held that:- Once the assessee is unable to offer any plausible explanation for the sum surrendered by the assessee and merely relying on the retraction made on a later date, does not absolve the assessee from its liability. The CIT (Appeals) while upholding the order of the Assessing Officer had given a finding that the surrender was made by the assessee based on the material alleged to be in the possession of the Assessing Officer collected during the course of survey and the said surrender was made voluntarily. The assessee had failed to controvert the said findings of the CIT (Appeals) and merely because it had taken a stand after a considerable gap of time that it withdraws its surrender, is mere after thought and such retraction of surrender cannot be accepted. Further bills and cash were found from the possession of the assessee and supporting documents, which establish the case of the Revenue that the assessee was in possession of assets/cash over and above the asset declared in the books of account against which surrender was made by the assessee. Upholding the order of the CIT (Appeals) we find no merit in the grounds of appeal raised by the assessee in this regard and the said are dismissed.
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