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2007 (1) TMI 219 - AT - Income TaxIncome From Undisclosed Sources - survey u/s 133A - retracted statements - HELD THAT:- I find substance in the finding of the learned CIT(A) that when the statement by which surrender was made was retracted and the father of the assessee, Shri Hari Ram, Jain was an existing income-tax assessee, in whose name the sum stated to have been invested by the assessee, in such circumstances, keeping in view the retraction of statements it was the duty of the AO to examine Shri Hari Ram Jain to make the addition, if any, in the proper hands. In my view, the learned CIT(A) has, thus, rightly deleted the additions in question. The Ground No. 1 is, thus, rejected. Reopening proceedings u/s 147 - money for purchase of the plot - escaped assessment - addition u/s 69 - HELD THAT:- It is not the case of the Department in the present matter under consideration that during the proceedings u/s 147, the additions in question were connected with the issue for which reopening was initiated or the AO had brought on record any reason to show that the impugned additions were otherwise linked with the enquiry in regard to disclosure of alleged payment of on money. The learned CIT(A) has, thus, rightly deleted the additions in question made on account of trading addition, unestablished cash credit and low household withdrawals. The first appellate orders are, thus, upheld. It is worthwhile to mention over here that while deciding the case in Vipan Khanna vs. CIT [2000 (7) TMI 2 - PUNJAB AND HARYANA HIGH COURT], has referred the decision of Hon'ble Supreme Court in the case of CIT vs. Sun Engineering Works (P) Ltd.[1992 (9) TMI 1 - SUPREME COURT] and V. Jaganmohan Rao vs. CIT[1969 (7) TMI 4 - SUPREME COURT]. The Ground No. 2 is, thus, rejected. In the result, appeals are dismissed.
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