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2012 (11) TMI 545 - AT - Income TaxUnaccounted investment in property - search and seizure - Held that:- The consideration payable for the property was Rs.36 lacs cash over and above the consideration payable by cheque. The Assessee does not dispute this fact. The Assessee claims that the sum of Rs.36 lacs paid by cash was returned back by the seller to the Assessee. This plea of the Assessee has not been substantiated. The further plea of the Assessee was that the Assessee declared substantial income on account of unexplained investments cannot be accepted as the unexplained investment is in AY 03-04. The declaration of income in the subsequent AY can be explained as out of the amount declared in AY 03-04. In the case of the Assessee there has been no declaration of undisclosed income for AY 02-03, therefore the addition in AY 03-04 has to be made. No grounds to interfere with order of CIT(A) - against assessee. Undisclosed Investment in financial business - Held that:- Assessee pleaded that the disclosure made in the returns of income would be sufficient and no separate addition was called for is not acceptable as the disclosure made of Rs.23,77,949/- was specific and did not cover the undisclosed income evidenced by the seized document which is the basis of this addition. Therefore, we confirm the order of CIT(A) and dismiss ground raised by the Assessee - against assessee. Undisclosed Agriculture income - Held that:- The search had taken place on 28.12.2007. Even prior to the search, the order u/s.143(3) for AY 04-05 has been passed in which, out of Agricultural income declared by the Assessee a sum of Rs.1,04,190/- was treated as Income from other sources. Thus the very same addition cannot be made in assessment u/s.153A and doing so would amount to taxing the same income twice. Therefore direct that the addition so made be deleted - in favour of assessee. Difference in Chit Commission received - Held that:- Assessee who could not substantiate as to how a sum of Rs.69,000 was expenditure incurred in relation to chit commission income therefore confirm the order of CIT(A) and dismiss ground raised by the Assessee - against assessee. Excess cash found as undisclosed income - Held that:- CIT(A) was justified in rejecting the claim of the Assessee with regard to cash found at the time of search, as it was too general and vague. While working out the actual cash the AO has duly taken even expenditure not recorded in the books which would have been met in cash. Thus the action of the AO is very reasonable and the CIT(A) was right in confirming his action - against assessee.
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