Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 787 - AT - Income TaxUnaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - Held that:- The surrender admittedly was made qua the biana received by the assessee allegedly for the five specific properties which had not been reflected and recorded in the regular books of accounts of the assessee. The consistent stand of the assessee is that records have been destroyed after the deals were done as would be evident from the specific question No.6 put by the Investigation Wing to the assessee. The transaction as per reply to question No. 5 was also through irregular market brokers whose addresses had not been retained and records were also not retained. The surrender, admittedly was on account of the property transactions. In the face of the material available on record where the surrender is made on account of seized documents and the stated business of the assessee being only real estate business we find no good reason to vary the conclusion arrived at by the Ld. CIT-A. Being satisfied with the consistent explanation offered on behalf of the assessee which stands unrebutted and considering the legal position thereon the departmental ground is dismissed. Acting on the apprehension that there may be certain other documents which may demonstrate that surrender amount was not adequate in the peculiar facts and circumstances of the present case, the assessee specifically to cover up any discrepancies came up with the said offer. The said action cannot be said to be outlandish or not relevant. The hyper cautious approach taken in the circumstances does not warrant in the peculiar facts of the present case for the Department to conclude that it was deemed income. The income is business income relatable to property business. - Decided in favour of assessee.
|