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2013 (9) TMI 76 - AT - Income TaxUndisclosed income - Withdrawals of cash from the book of boarding hostel - Held that:- It is a well-settled that the undisclosed income under Chapter XIV-B of the Act has to be computed on the basis of search materials. It is also well settled that any income which has already been either recorded in the books of account or otherwise disclosed to the Department prior to the date of search cannot be treated as "undisclosed income" of an assessee. In the instant case, the learned Commissioner of Income-tax (Appeals) has given a clear finding that the abovesaid withdrawals have been declared in the balance-sheets filed along with the returns of income, which were filed prior to the date of search - Decided against Revenue. Enhancement of relief - Receipt of marriage gifts - Held that:- assessee has furnished the details of donors and also confirmation letters obtained from some of the donors. However, the assessee did not obtain the con firmation letters from all the donors. Hence, on a conspectus of the matter, we are of the view that it would meet the ends of justice if the gift amount is determined at Rs. 3,50,000 - The Assessing Officer is directed to restrict the addition on this issue to Rs. 1,27,500 - Decided in favour of Revenue. There cannot be any dispute that the income already disclosed to the Department shall not form part of undisclosed income. Technically, the action of the learned Commissioner of Income-tax (Appeals) may be wrong, however, it is noticed that the Assessing Officer has also made the impugned addition without making proper verification, simply because certain details are missing in the narration recorded in the books of account. Under these circumstances, the claim of the assessee could be allowed, provided somebody had examined the said claim - Matter remitted back - Decided in favour of Revenue. LIC survival benefits - Held that:- assessee has filed copies of letter received from LIC and also a copy of relevant cheque leaf. According to the learned authorised representative, the assessee has filed the said documents before the Assessing Officer. Since the Assessing Officer has taken a stand that the assessee has failed to substantiate the claim of receipt of LIC amount of Rs. 20,000, therefore the claim of the assessee needs to be examined afresh in the light of documents filed - Decided in favour of Revenue.
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