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2011 (4) TMI 731 - HC - Income TaxSearch and seizure - Undisclosed income - addition of surrendered income during search on the basis of retracted statement - It is not in dispute that during the course of search, the Assessee first submitted that he has nothing to disclose and therefore first stand of the Assessee was that he had no undisclosed income and then the Assessee alleged to had stated that he had also undisclosed income of Rs. 7 Lakhs - Therefore relying on only one such statement given by the Assessee in these circumstances where out of three two facts were found to be not correct, then in these facts and circumstances, it was the duty of the Assessing Officer to collect more evidence in support of the fact that there was undisclosed income of Rs. 7 Lakhs in the hands of the Assessee - The appeal is dismissed
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