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2021 (7) TMI 834 - AT - Income TaxUndisclosed income appearing in seized documents - assessee surrendered undisclosed income in statement u/s 132(4) - HELD THAT:- As the assessee computed the undisclosed income appearing in seized documents, which has been accepted by the AO. The assessee has successfully demonstrated the error in statement and the Assessing Officer in the case of M/s Inspiration also accepted the computation of undisclosed income by the assessee. In the present case, the addition has been made for the difference of surrendered amount during the statement u/s 132(4) and amount declared in the returned income, just because the assessee surrendered said amount u/s 132(4). This addition has been made in complete disregard to the error pointed out by the assessee in surrendered amount. The seized documents are not related to the assessee. The direction given by the CIT(A) to take remedial action in the case of M/s Inspiration also goes to prove that, if any higher amount was to be assessed looking to the surrender, then it would have to be done in the case of M/s inspiration and not in the case of the assessee. We set aside the order of the lower authorities on the issue in dispute and delete the addition in the hands of the assessee. The grounds of the appeal of the assessee are accordingly allowed.
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