2023 (1) TMI 371 - AT - Income Tax
Assessment u/s 153A - undisclosed income - assessee himself disclosed additional income in his statement recorded u/s 132(4) - AO noted that the assessee had made the retraction of the statement recorded u/s 132(4) of the Act and the retraction was made after 132 days of recording his original statement in the course of search proceedings - HELD THAT:- CIT(A) while holding that the revised return of income filed by the assessee to be in order has given a finding that during the course of search, assessee had admitted disclosure of income in the case of assessee as well as the group and the admission was offered as income in the case of 5 persons and taxes were also paid on such income. He has further given a finding that the disclosure made in the case of the assessee was not supported by any undisclosed asset/seized paper and the disclosure was a balancing figure after considering the disclosure and the amount disclosed as income in case of 5 persons.
Also given a finding that the addition of undisclosed amount was not based on any evidence found during the course of search. The submissions of assessee had made disclosure of undisclosed income in the course of search was made for the assessee as well as other entities in the group has not been controverted by Revenue. Before us, no fallacy in the findings of CIT(A) has been pointed out by Revenue. The only stress placed by Revenue is that the amount was accepted as undisclosed income in the statement recorded u/s 132(4) of the Act. It is a settled law that only on the basis of the statement, and without any corroborating evidence no addition of income can be made. Appeal of Revenue is dismissed.