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2020 (11) TMI 369 - AT - Income TaxAddition pertaining to surrender made during the course of survey - main contention of the Ld A.R. was that the assessee did not maintain books of account at the time of survey and hence she surrendered the additional income - HELD THAT:- Assessee has subsequently maintained books of accounts and got it audited also. We notice that the AO has not examined books of accounts at all - assessee has surrendered the income during the course of survey and the assessee has tried to rebut the same by furnishing regular books of accounts. AO should have examined the books of accounts and should have given proper reasoning as to why the surrendered amount of ₹ 60.00 lakhs is still liable to be taxed. AO has accepted the books of account and hence assessed the business income declared by the assessee voluntarily. CIT(A) has reduced the same to ₹ 5.00 lakhs, which may not be a correct action. The relief, if any, could be granted in respect of additional income only and it should be presumed that the relief of about ₹ 21.69 lakhs granted by the Ld CIT(A) is towards alleged additional income of ₹ 60.00 lakhs. Further, the Ld CIT(A) has also made various observations without examining books of accounts. Examination of books of accounts of the assessee would help to decide the question as to whether the addition of ₹ 60.00 lakhs (to the extent sustained by Ld CIT(A)) is still warranted or not. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of AO for examining the issue afresh duly examining the books of accounts. Non-granting of set off of brought forward loss and depreciation - submission of the assessee that she has furnished copies of returns of income filed by her for earlier years - HELD THAT:- If the said returns of income have been accepted as it is and if they have been filed within the due dates prescribed u/s. 139 (1) of the Act, in our view, there should not be any impediment in allowing the claim. Since it is a matter of verification of facts, we restore this issue also to the file of the AO with the direction to examine the claim of the assessee vis-à-vis the documents furnished and decide the same in accordance with law.
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