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2019 (2) TMI 1832 - AT - Income TaxUndisclosed investment of the assessee in the mines - HELD THAT:- During the course of search, an original Ikarnama dated 17.09.2010 has been found which has been executed by Shri Jagdish Panjwani with the assessee, his brother Shri Vijay Makhija, and Kapil Marwah wherein the latter three persons have joined hands as partners in running of the mine owned by Shri Jagdish Panjwani and share of their respective profits and losses have been stated therein. The existence and contents of the said agreement found at the premises of the assessee during the course of search remain undisputed. Shri Jagdish Panjwani in his statement recorded u/s 131on 09.11.2011 has also admitted that he was only the name lender and actually the investment was made by his relatives i.e. Shri Prakash Makhija and Shri Vijay Makhija. The said statement also remains unrebutted before us. Retraction so made during the course of assessment proceedings after a considerable lapse of time is clearly an afterthought and there is nothing which support such retraction so made by the assessee. No justifiable reasons to disturb the detailed and well-reasoned findings so given by the AO and the ld CIT(A). Ground of appeal is dismissed. Undisclosed investment of the assessee in the house - HELD THAT:- The statement of the assessee, Vijay Kumar Makhija was also recorded during post-search investigation u/s 131 wherein he has confirmed the purchase of the house and also confirmed the surrender of ₹ 6 lacs so made by his brother Prakash Makhija on his behalf. Shri Ramesh Chand Jain in his statement recorded u/s 131 on 09.11.2011 has also admitted that he managed the sale of the property to the assessee for a consideration of ₹ 20.75 lacs. The existence and contents of the said agreement found at the premises of the assessee during the course of search therefore remain undisputed. The retraction so made during the course of assessment proceedings after a considerable lapse of time is clearly an afterthought and there is nothing which support such retraction so made by the assessee. We see no justifiable reasons to disturb the detailed and well-reasoned findings so given by the AO and the ld CIT(A). In the result, the ground of appeal is dismissed.
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