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The Income Tax Officer, Ward-1 (1) , Alwar Versus Shri Suresh Chand Gupta

2016 (4) TMI 74 - ITAT JAIPUR

Excess cash found during the course of survey - Held that:- The material available on record the assessee had made the surrendered during the course of survey but immediately he verified the books of account and retracted from the disclosure. The statement recorded during the course of survey is not binding on the assessee as held by the Hon’ble Supreme Court in Surjeet Singh Chhabra Vs. Union of India [1996 (10) TMI 106 - SUPREME COURT OF INDIA ] as same is not been a taken on oath. Further wha .....

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t of loose paper/diary found during the course of survey in return. There is no basis of the AO add further amount of ₹ 5.5 lac. Similarly the addition made under the head investment in House property is also based on surrendered admitted by the assessee. The AO had not made this addition on the basis of any incrementing documents of evidences. Thus we uphold the order of CIT(A) in allowing relief. - Decided against revenue - ITA No.161/JP/2015 - Dated:- 12-2-2016 - SHRI T.R.Meena, AM AND .....

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O on account of excess cash found during the course of survey. 2. That the Commissioner of Income Tax (Appeals), Alwar has erred in law as well as on the facts circumstances of the case in deleting the addition of ₹ 5,50,000/- made by the AO on account of unrecorded transactions. 3. That the Commissioner of Income Tax (Appeals), Alwar has erred in law as well as on the facts and circumstances of the case in restricting the addition of ₹ 25,27,000/- to ₹ 58,005/- made by the AO .....

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of survey cash and books of account were verified by the Authorised Officers during the course of survey as per AO excess cash of ₹ 3,20,018/- was found and some loose papers diaries and slip paid were found in which the assessee had recorded unaccounted transactions. The AO further observed that the assessee has not disclosed excess cash found as income in the return. He gave the reasonable opportunity of being heard. The assessee also had replied which had been a reproduced by the AO on .....

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g Authority not two take forceful surrender during the course of survey. The assessee also referred ITAT Jaipur Bench decision in case of Lal Chand Agarwal Vs. ACAIT ITSSA No.2259/JP/1996 and in case of Mustaq Ahmed Vs. ACIT ITA No.19/JP/1998. After considering the assessee reply the Ld.AO has held that the assessee during the course of survey in statement question no21 & 27 had accepted income of ₹ 3,20,018/- from unaccounted sale from 07.10.2009 to 12.10.2009 further the assessee whi .....

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the bank account M/s.Shri Anoop Jain Jewellers maintain with Bank of Raj Ltd., Church Road, Alwar and not from individual account out of above withdrawl an amount of ₹ 2,85,000/- were paid for the purpose of wood for residential house which is also has not been debited in the capital account of the assessee. Further he relied upon in case of Surjeet Singh Chhabra Vs. Union of India (SC) and in case of Rakesh Mahajan Vs. CIT Tax Appeal 642 of 2007 and held that disclosure made during the c .....

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s stated that during the course of survey, a large number of loose papers, slip pads, diaries etc. were found in which unrecorded transactions relating to business were found. The appellant has disclosed an income of ₹ 10 lacs on this account. The appellant had also disclosed an additional income of ₹ 5,50,000/- which was not recorded in the loose papers, slip pads, diaries etc. However, at the time of filing of return only an additional income of ₹ 10 lacs has been offered for .....

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recorded u/s 133A is not binding on the assessee. It does not have evidentiary value as decided by the Hon ble Supreme Court. Further he argued that the assessee immediately after survey had retracted from the surrendered and explain the cash found during the course of survey. Thus he requested to uphold the order of the CIT(A). 5. We have heard the rival contention and perused the material available on record the assessee had made the surrendered during the course of survey but immediately he v .....

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is against restricting the addition from ₹ 25,27,000/- to 58,005/- during the course of survey the assessee surrendered and additional income ₹ 10 lac which has been disclosed in his income however AO on the basis of miscellaneous transaction which were not recorded in the books of account was also surrendered but assessee retracted after verifying the loose paper found during the course of survey and disclosure made ₹ 10 lac. The Ld.A.O. gave the similar findings for both the .....

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