9911796707
TMI Blog2015 (10) TMI 1607X X X X Extracts X X X X X X X X Extracts X X X X ..... s a partnership firm stated to be engaged in the business of construction of residential flats on contract basis. A search u/s. 132 of the Act was carried out at the business premises of the Assessee. During the course of search, Assessee disclosed Rs. 25 crore on account of unaccounted income for financial year 2007-08 i.e. A.Y. 08-09. Assessee thereafter filed its return of income for A.Y. 08-09 on 30.09.2008 declaring total income of Rs. 28,89,31,220/- which included the undisclosed income of Rs. 25 crore offered by the Assessee at the time of search. Thereafter assessment was framed u/s. 143(3) r.w.s. 153A vide order dated 31.12.2009 and the total income was determined at Rs. 31,55,51,660/-. On the undisclosed income of Rs. 25 crore tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 25 crores in the name of assessee for projects of Ashirwad Palace for F.Y. 07-08 representing net on money receipts as income from undisclosed sources. Accordingly, assessee admitted Rs. 25 crores as undisclosed and also specified the manner in which it has been derived, so condition in clause (i) is satisfied. The assessee in the statement recorded u/s. 132(4) disclosed Rs. 25 crores on account of net income from on-money receipts so assessee specified the manner in' which Rs. 25 crores was earned being understatement of income earned from receipts on sale of flats in the form on money. Clause (ii) lays down the second condition that assessee should substantiate the manner in which undisclosed income has been derived. In the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated in Point 3 of table at Page no.8 of the order dated that assessee has fulfilled the third condition. The Assessing Officer has computed undisclosed income on the basis of evidences referred in the assessment order and on the other hand in the penalty order he contends that there is no evidence available in support of the manner of earning the income by way of on-money receipts which is contradictory. Assessee can be considered to have discharged the onus of substantiating the manner of earning undisclosed income where the assessing officer makes assessment of disclosure made by assessee on the basis of actual income and not on the basis of the investment/expenditure under the deeming provision of section 69.69A, 69B & 69C. Here ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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