Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 74 - AT - Income TaxExcess cash found during the course of survey - Held that:- The material available on record the assessee had made the surrendered during the course of survey but immediately he verified the books of account and retracted from the disclosure. The statement recorded during the course of survey is not binding on the assessee as held by the Hon’ble Supreme Court in Surjeet Singh Chhabra Vs. Union of India [1996 (10) TMI 106 - SUPREME COURT OF INDIA ] as same is not been a taken on oath. Further whatever cash found during the course of survey has been reconciled by the assessee and excess cash of ₹ 5,018/- has been confirmed by the CIT(A).- Decided against revenue Addition on account of unrecorded transaction - addition under the head unaccounted cash - Held that:- It is undisputed facts that both the surrendered were made by the assessee during the course of survey but same had been retracted immediately by the assessee. The assessee disclosed an addition income on account of loose paper/diary found during the course of survey in return. There is no basis of the AO add further amount of ₹ 5.5 lac. Similarly the addition made under the head investment in House property is also based on surrendered admitted by the assessee. The AO had not made this addition on the basis of any incrementing documents of evidences. Thus we uphold the order of CIT(A) in allowing relief. - Decided against revenue
|