Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (6) TMI 98 - ITAT DELHISurrender of income - Voluntary disclosure - survey proceedings u/s 133A - assessee had failed to establish that the increase in gross receipts - contention of the Ld. AR that the surrendered amount is subsumed in the gross receipts - HELD THAT:- There is an increase in the depreciation charge to the tune of ₹ 12,73,417/- in the year under consideration as compared to the immediately preceding assessment year. Similarly, the salary to partners rose from ₹ 20,00,960/- in AY 2009-10 to ₹ 30,68,370/- in the year under consideration thus resulting in an increase of ₹ 10,67,410/- as compared to the immediately preceding year. Similarly, there is an increase in the interest to the partners in the year under consideration to the tune of ₹ 3,25,173/- as compared to the immediately preceding assessment year. These figures are undisputed and have also been recorded in the impugned order. It is also an accepted fact that the gross receipts have jumped from ₹ 33,122,988/- in AY 2009-10 to ₹ 43,581,430/- in the year under consideration thus showing a substantial increase of ₹ 10,458,442/- as compared to the immediately preceding assessment year. On such facts, we are of the considered opinion that the contention of the AR that the surrendered amount is subsumed in the gross receipts is to be agreed to. The fall in the net profit is also duly explained by the increase in depreciation, salary and interest to partners which works out to ₹ 26,66,000/-. Therefore, we are unable to concur with the findings of the lower authorities and we set aside the order of the Ld. CIT (A) and direct the AO to delete the addition. - Decided in favour of assessee
|