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2016 (10) TMI 1220 - AT - Income TaxUndisclosed income - unexplained money u/s 69A - additions in the hands of partnership firm on the basis of statement of partner recorded u/s 131 on oath - Held that:- the statement recorded by the partner of the firm is binding upon the assessee. The survey was conducted on 5.9.2008 and 9.9.2008 and it was specifically put to the partner of the firm that you have not maintained the books of accounts of the firm, therefore, he has made additions in the hands of the firm. Therefore, under these circumstances, we are of the view that the statement was binding upon all the partners of the firm. Reliance on various decision by the assessee - Held that:- As in many cases admissions are retracted in subsequent proceedings, therefore, they should not force the assessee to admit the undisclosed income but in this case there was no retraction. The contention of the learned counsel for the assessee that the Assessing Officer should have independently come to the conclusion that there was additional income and there was no material to indicate that there was such income, is not correct. The burden lay on the assessee to establish that the admission made in the said statement was wrong as in fact there was no additional income. The burden is upon the assessee to prove that he has no additional income. In this case one of the partners has made confession of additional income, but he has not retracted from the statement admitting the additional income. Therefore, we are of the view that the assessee has not discharged the burden lay upon it. - Decided against the assessee.
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