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2012 (12) TMI 13 - AT - Income TaxReopening of assessment due to findings of certain incriminating documents during the course of survey proceedings u/s 133 at business premises of assessee and her associates - AO has recorded following reasons for reopening jointly for Shri Tarun(associate) and Shardaben (assessee) that income chargeable to tax to the extent of the investment made in the land and building, flats and shops either in name of Shri Traun or in the name of somebody else whose ownership appears to be of the assessee escaped assessment - Held that:- It is evident that there is no whisper of any irregularities committed by the assessee. Further, no incriminating documents pointing out the assessee suppressing any materials to establish escapement of income in her hands was found during the course of survey proceedings which is evident from the reasons recorded u/s 148. The assessee was also not found to be the owner of any other flats/shops/plots mentioned in the reasons for reopening recorded by the AO. In these circumstances, we do not find any justification for issuance of notice u/s 148 to the assessee. Order set aside - Decided in favor of assessee Income from undisclosed sources – addition u/s 69 based on statement recorded during survey – Held that:- It is apparent that the revenue has not come out with any corroborative evidence to support the statement obtained from the assessee’s son in order to establish undisclosed income of the assessee. Board Circular F. NO.286/2/2003 dated 10-03-2003 is binding on the revenue. Addition made on mere statement on oath obtained at the time of survey cannot be relied upon to make addition without bringing forth any other materials on record to support the stand of the revenue. Addition is directed to be deleted - Decided in favor of assessee
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