TMI Blog2015 (8) TMI 373X X X X Extracts X X X X X X X X Extracts X X X X ..... period from undisclosed/or unaccounted dealings in various property transactions and that "the said income of ₹ 7 crores has been earned by me and Shri Mahesh Kumar Gupta (Director-Capital Power Systems Ltd.). The Respondent Assessee then proceeded to give the bifurcation of said income cannot be said to be a categorical admission by the Respondent Assessee that the above income had been earned by him in his individual capacity. The cumulative effect of the letter dated 1st September, 2006 and both the statements rendered them unreliable. There was no other corroborative material. In the circumstances, the course adopted by the CIT (A), and concurred with by the ITAT, to determine the undisclosed income on the basis of loose paper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ightly, that it was made explicit from the said letter that the surrender was being made by the company and not by the Respondent Assessee in his individual capacity. 4. It transpires that the above letter was followed by other letters and statements made on 8th and 12th September 2006. The ITAT has pointed out a contradiction in the answers given in the subsequent statements by the Respondent Assessee where he suggested that the said income of ₹ 7 crores was partly earned by him and partly by Mr. Mahesh Kumar Gupta. The ITAT in the impugned order has pointed out that the Department did not confront the Assessee in the contradictions in its replies and allowed the earlier letter and the subsequent replies to the questions to remain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondent Assessee then proceeded to give the bifurcation of said income as under: Name Undisclosed income 1. Sh. Pawan Kumar Bansal Rs.3,55,00,000/- 2. Sh. Mahesh Kumar Gupta Rs.3, 45,00,000/- Total Rs.7,00,000,00/- 7. The above statement cannot be said to be a categorical admission by the Respondent Assessee that the above income had been earned by him in his individual capacity. The cumulative effect of the letter dated 1st September, 2006 and both the statements rendered them unreliable. There was no other corroborative material. In the circumstances, the course adopte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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