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2019 (12) TMI 1237 - AT - Income TaxAddition being the difference in the amount surrendered during the survey and the income offered for tax while filing the return of income - survey action u/s 133A - HELD THAT:- Addition of ₹ 3,78,150/- in respect of the difference in the amount surrendered during the course of survey and income offered for filing of return of income. As gone through the evidence filed by the assessee. The amount was retracted even filing of the return of income. In respect of amount of ₹ 1,58,600/-, the assessee has demonstrated that the amount was given during the assessment year 2003-04. Therefore, the amount was required to be added in that year. The assessing officer is directed accordingly. Regarding the amount of ₹ 1,19,550/-, it is stated that the amount outstanding was received back before the date of survey. In support of this, the assessee has drawn my attention to the written submissions. However, no supporting evidence has been filed. Therefore, I sustain this addition. Regarding amount of ₹ 1 lakh, it is stated that the Ld. CIT(A) has wrongly confirmed the addition of ₹ 2 lakhs. In fact, the land was jointly owned by two persons, therefore, the addition should have been restricted to ₹ 1 lakh. As perused the agreement. As per this agreement, the land is jointly owned. Therefore, the assessing officer should have made addition of ₹ 1 lakh only. I find merit into the contention of the assessee. Therefore, the A.O. is directed to delete this addition. Ground No.1 is partly allowed. Addition u/s 68 - entire amount of cheques/cash deposited by the appellant in current account with bank - HELD THAT:- As stated that detailed explanation was submitted along with the documentary evidences for each and every credit entry. It is submitted that a sum of ₹ 6,56,500/- was deposited by way of cheques. The narration of such deposits is given in respect of the cash deposit. It is stated that ₹ 46,500/- was surrendered during the survey and deposit of ₹ 2 lakhs was out of the cash surrendered during the survey. Further, it is contended that a sum of ₹ 75,000/-, ₹ 1 lakh and ₹ 35,000/- were realised from the debtors. So far the cheque deposit in bank account, the assessee has given supporting evidences, therefore, the A.O. is directed to delete this addition. However, in respect of the cash deposit of ₹ 6.66 lakhs, it is stated that ₹ 4,46,500/- is out of voluntary surrender made by the assessee during the course of survey. Hence, the A.O. is directed to delete this addition. In respect of the remaining amount of ₹ 2,10,000/-, it is stated to have been received from the realisation of sale proceeds. The assessee has not filed any confirmation from the debtors. Hence, the addition of ₹ 2,10,000/- is sustained. This ground of assessee’s appeal is partly allowed. Addition being the amount of credit entries during the whole year in savings bank account of the wife of the assessee - HELD THAT:- Amount of credit entries during the whole year in the savings bank account of wife of the assessee Smt. Jyotibala Jain, who is assessed to tax and the amount was properly reflected in the books of accounts has been added. In support of this, the assessee has filed her return of income of the current and earlier years were filed and as per the balance sheet, as on 31.3.2005 & 31.3.2004, accumulated capital was ₹ 3,40,578/- and ₹ 4,08,721/-. Looking to the evidences submitted and more particularly, the amount which has been credited in the account of the wife of the assessee who herself is assessed to tax, it is also informed that no action has been taken in her hands. I therefore, under these facts cannot sustain these additions.
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