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2018 (4) TMI 1841 - AT - Income TaxAddition on account of advances given for purchase of land and disclosed in the statement recorded under section 132(4) but was not offered to tax - assessee in his statement recorded under section 132(4) has admitted undisclosed income on account of advances given to various persons for purchase of land - HELD THAT:- In the case in hand, the assessee never disputed the amounts or entries recorded in the seized material but the assessee has subsequently explained and brought on record the fact that out of the total amount of ₹ 11,25,00,000/-, a sum of ₹ 1,60,00,000/- given as an advance during the financial year 2012-13 relevant to the assessment year 2013-14 was received back by the assessee on 20th April, 2013 and, therefore, the said amount was available with the assessee for giving advances during the year under consideration. This stand of the assessee is not disputing the entries in the seized material and further the assessee has filed the evidences in support of the fact that the said amount was received back by the assessee. Since these transactions are unaccounted transactions and only found during the course of search and seizure operation, therefore, there cannot be any other evidence in the shape of entries in the books of accounts except the persons concerned who have duly made the statements on oath as the affidavits were filed by the assessee in this regard. Statement u/s 132(4) alone cannot be considered as a conclusive piece of evidence by ignoring the other facts and evidence which may establish the correct facts regarding the transactions in dispute - when the assessee has filed the evidences in support of the claim that a sum of ₹ 1,60,00,000/- was received by the assessee which was available for advance given during the year under consideration then in the absence of any enquiry conducted by the AO to controvert the facts and to dispute the evidence filed by the assessee, the addition made by the AO and sustained by the ld. CIT (A) is not justified. Hence we delete the addition made on this account. - Decided in favour of assessee.
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