Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 280 - ITAT BANGALOREAddition to income - Admission to offer income in the statement u/s. 132(4) - non conclusion of transaction for purchase of land - Held that:- No admission to offer any income in the said statement. The gist of the statement u/s. 132(4) of the Act has already been narrated in the earlier part of this order. In the letter dated 3. 6. 2014 filed by the Assessee he has agreed to declare ₹ 25 lacs as income and that such declaration is given only to purchase peace and that there was no basis for declaration of ₹ 25 lacs as income of the Assessee. There was no evidence found in the course of search by which it can be said that the Assessee earned income of ₹ 25 lacs. There is no other basis to come to such a conclusion. In such circumstances, the addition of ₹ 25 lacs is sought to be made only on the basis of the Assessee’s letter dated 3. 6. 2014. It is also a well-accepted principle that an admission is not conclusive evidence as to the truth of the matter stated therein. It is only a piece of evidence the relevancy of which is required to be judged based on the material evidence and circumstances in which it is made. The statement of the Assessee u/s. 132(4) of the Act shows that he is employee of Ess & Ess Infrastructure Pvt. Ltd. , who were the main persons who were searched u/s. 132. Assessee earns a monthly salary of ₹ 10, 000/-. He received ₹ 50 lacs from his employer for purchase of lands from farmers but could not conclude the transactions and returned the same to his employer. He is a person of no or very little means and not capable of earning ₹ 25 lacs. In such circumstances, no credence can be given to the admission of the Assessee that too in a letter. Such admission is not even in a statement u/s. 132(4) of the Act which has some evidentiary value. No addition to income to be sustained - Decided in favour of assessee
|