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2015 (3) TMI 561 - AT - Income TaxAddition on account of unaccounted parking charges received from twin bungalow holder - CIT(A) confirmed addition - Held that:- For the year under appeal, the assessee points out that the difference was only in respect of the TB No.14 sold to one Shri P.K. Patil wherein, in the original Annexure A prepared during the course of survey, the undisclosed income was taken at ₹ 3 lakhs whereas on reconciliation it transpires that in fact, the difference was ₹ 75,000/-. Consequently, a sum of ₹ 2,25,000/- was not offered as additional income vis-à-vis the said twin bungalows. The additional income was offered by the assessee after the details in respect of the various properties sold by the assessee were tabulated by the survey team on the basis of documents found from the possession of the assessee, which reflected the difference between actual sale consideration and the agreement value. However, by way of retraction statement, the assessee claims that it had verified the impounded documents and papers and no parking charges were received from row houses and twin bungalow holders. The undisclosed and unaccounted income in the hands of the assessee was tabulated by the survey team on the basis of the impounded documents. The claim of the assessee before the survey team was that it had received certain charges against the properties sold by it which were not disclosed in the return of income. Consequently, the tabulation of additional income in the hands of the assessee and basis for such tabulation of such undisclosed income was the documents found from the possession of the assessee. The assessee in first round surrendered income, which was retracted by the assessee by the retraction statement filed before the Assessing Officer, cognizance of which has not been taken either by the Assessing Officer or the CIT(A). The onus is fully upon the assessee to explain with evidence as to the reason why it is retracting from its earlier disclosure of undisclosed income. In the interest of justice, we deem it fit to restore this issue to the file of Assessing Officer for adjudication afresh in accordance with law after allowing reasonable opportunity of hearing to the assessee - Decided in favour of assessee for statistical purposes.
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