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2023 (12) TMI 495 - ITAT CHENNAIOn-money received towards sale of property and offered during the course of survey - AO based on the impounded MOU and sworn statement of the assessee completed the assessment by adding Rs. 1 Crore to the total income of the assessee - HELD THAT:- We find from the financial statements filed by the assessee for the A.Y 2011-12 that additional income offered during the course of survey towards on-money received from sale of property amounting to Rs. 1,00,00,000/- has been offered to tax and credited to profit and loss account under the head “other income business”. Further, the appellant has filed an affidavit and confirmed income offered during the survey is subjected to tax. From the details filed by the assessee, we find that the appellant has declared amount of Rs. 1,00,00,000/- offered as additional income during the course of survey and paid necessary taxes. In fact, the A.O and Ld. CIT(A) are also not disputed the fact that the assessee has offered Rs. 1,00,00,000/- for tax which is evident from the findings of the Ld. CIT(A) in their order dated 23.03.2016. Since, the appellant has already offered and paid taxes additional income of Rs. 1,00,00,000/- declared during the course of survey, further addition on very same amount by the A.O amount should double additional which is not permissible under the law. Therefore, we are of the considered view that the A.O is erred in making separate addition of Rs. 1,00,00,000/-, even though the appellant has already credited said additional income in the profit and loss account and paid taxes. CIT(A) without appreciating the facts simply sustained the additions made by the A.O. Thus, we set aside the order of the CIT(A) and direct the A.O to delete additions of Rs. 1,00,00,000/- made towards on-money received towards sale of property and offered during the course of survey. Appeal of the assessee is allowed.
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