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2015 (10) TMI 2012 - AT - Income TaxDisclosure made by assessee during the course of search - whether though the assessee has disclosed the income in the note appended with the return of income, but his income can be assessed lower than the returned income? - CIT(A) deleted the addition in part - Held that:- The assessee has made a disclosure of ₹ 10 crores during the course of search. While filing of the return, on verification of all the materials, he re-affirmed his disclosure at ₹ 2 crores. His admission during the course of search, coupled with the re-affirmation at the time of filing of return, would denude him to say that disclosure was under misconception of facts, because, he was not supplied the seized material. This disclosure was made after the perusal of evidence. Therefore, he cannot say there is no evidence against the assessee for assessing the income of ₹ 2 crores. As discussed, earlier statement made under section 132(4) is admissible evidence. We have upheld the findings of the CIT(A) for deletion of ₹ 8 crores on the ground that there was no corroborative evidence with the Revenue in support of that addition, but, the moment the assessee has re-affirmed the disclosure of ₹ 2 crores, it becomes an absolute evidence. This disclosure was made after due deliberation and consultation with the tax consultant. Therefore, there is no mistake of facts or misconception about the law on this amount. The ld.First Appellate Authority has rightly confirmed the addition to this extent. - Decided against assessee and revenue.
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