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2014 (10) TMI 536 - RAJASTHAN HIGH COURTAddition the basis of statement recording during survey u/s 133A - Statement recorded on the basis of impounded loose papers, diaries, documents etc. – Surrender of amount by assessee – Held that:- Tribunal after appreciating the evidence on record and the evidence placed by the assessee, has accepted the surrender to the tune of ₹ 3 crore which was made in the return of income and is based on appreciation of evidence and it is a finding of fact - The assessee gave an explanation supported by material on record, that on the basis of the documents and whatever was un-recorded in the diary/loose papers/other unverifiable creditors, the total amount of surrender came to the tune of ₹ 2.20 crore only - even the AO has not pointed out any evidence or material entered in the loose papers or diaries or incriminating documents which could justify addition over and above of ₹ 3.00 crore or even ₹ 5.00 crore or more. The AO has not found or bothered to found or traced anything additional as a result of survey from the assessee except relying on the recorded statements at the time of survey and therefore this view found favour with the two appellate authorities that the funds are arising from the same business and have a direct nexus and the income was invested/utilized during the year - the conclusion reached by the ITAT is based on the appreciation of evidence and is reached on the basis of finding of fact - It is also a finding of fact admittedly that in AY 2007-08 despite surrender in statements of ₹ 2 crore the income was offered at ₹ 1.5 crore only – thus, the Tribunal rightly came to the conclusion that the amount of ₹ 1.5 crore, which was surrendered/offered in the AY 2007-08, was also available as a fund which came to be used partly in the investment of share capital, creditors or other investments as well as other defects, unverifiable creditors etc. – thus, no question of law arises for consideration – Decided against revenue.
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