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2018 (8) TMI 917 - AT - Income TaxAssessment u/s 153A - undisclosed income - addition based on statement of the assessee during search which was not retracted - incriminating material - Although, the assessee has admitted undisclosed income for AY 2012-13, failed to disclose such income in the return of income; however, disclosed the same in the assessment year 2013-14. According to the assessee, it has admitted undisclosed income for AY 2012-13 by mistaken understanding of facts, whereas the said income, in fact, pertains to AY 2013-14. Held that:- The disclosure of undisclosed income for AY 2013-14 has not been disputed by the AO. The AO has made addition only on the basis of declaration in the statement recorded u/s 132(4). Except this, the AO has not given any reasons for not accepting return filed by the assessee for AY 2013-14 admitting undisclosed income of ₹ 50 lakhs. No doubt, the assessee has not filed any retraction not to admit undisclosed income for AY 2012-13, but that by itself would not be a ground for the AO to make addition towards undisclosed income in the current assessment year, when he has not disputed the fact that the assesee has disclosed undisclosed income in the assessment year 2013-14. Therefore, we are of the considered view that when there is no difference in rate of tax for both the assessment years, i.e. AYs 2012-13 and 2013-14, there is no reason for the AO to make further addition of ₹ 50 lakhs in the current assessment year when the assessee has already disclosed undisclosed income for AY 2013-14. AO directed to verify the facts - Decided in favor of assessee.
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