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2012 (11) TMI 550 - AT - Income TaxUnexplained accretion in the capital account - CIT(A) deleted the addition - Held that:- Findings of the CIT(A) clearly demonstrate that requisite evidences were filed by the assessee in the form of copies of account and the movement of funds. The CIT(A) has examined the copies of account and relevant bank accounts and deleted the addition - no infirmity in the findings of the CIT(A) found - in favour of assessee. Unaccounted cash credit - Held that:- The evidences under Rule 46A filed by the assessee, deserve to be admitted, with a view to further the cause of justice and, hence, the same are admitted. Further, the submission filed by the appellant that the parties are existing assessee and evidences filed by the appellant are sufficient, to prove the case within the meaning of Section 68 are to be looked into by the CIT(A) - issue restored to the file of the CIT(A) for fresh adjudication in the light of fresh evidences - in favour of assessee for statistical purposes. Surrender of additional income - Additional income u/s 69B - Held that:- If at the time of survey an assessee himself concedes that the stocks are short and even comes to an agreement regarding the extent of shortage, unless it can be established that such consents or agreement was given or arrived at under threat, coercion, undue influence, misrepresentation or wrong understanding of facts or law, it would bring all efforts put in survey operations to nought if the assessees are allowed to retract from whatever they had stated or agreed to at the time of survey. Thus in view of the factual and legal position it is held that the additional income of Rs.30 Lakh declared by the appellant on account of unexplained investment in construction of factory building of M/s Oscar Remedies is to be taken as unexplained investment and accordingly is to be added to the income of the appellant. The action of the AO is therefore confirmed and ground of appeal is as such rejected - against assessee.
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