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2016 (4) TMI 479 - GUJARAT HIGH COURT

2016 (4) TMI 479 - GUJARAT HIGH COURT - TMI - Addition on voluntary disclosure made during the course of survey - Held that:- The Assessing Officer made the addition on the basis of the statement made during the course of survey, despite the fact that the addition was not based upon any material found during the course of survey. The Commissioner (Appeals), upon appreciation of the material on record, found that the addition made by the Assessing Officer was not backed by any supporting material .....

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of the evidence on record, in the absence of any perversity being pointed out therein, the impugned order does not give rise to any question of law - Decided in favour of assessee - TAX APPEAL NO. 274 of 2016 - Dated:- 14-3-2016 - MS. HARSHA DEVANI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. The appellant revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act .....

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recorded on oath during the course of survey proceedings and given by the assessee after verification of his books of accounts and duly concerned with his Chartered Accountant? 2. The assessment year is 2007-08 and the relevant accounting period is 1.4.2006 to 31.3.2007. The assessee is assessed as an individual. The department conducted a survey of his group concerns on 2.2.2007. During the course of survey, the assessee s statement came to be recorded under section 133A(3)(iii) of the Act whe .....

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3. The Assessing Officer took up the matter in scrutiny and sought for reasons for understating income of ₹ 2,13,07,700/- which was stated to be an unaccounted income. During the course of survey, the assessee replied that out of the disclosure made during the survey he had admitted a sum of ₹ 1,04,11,752/- which was reduced to ₹ 98,92,240/- after claiming depreciation. He also emphasized that there was no business activity carried out in the last three years and that the incom .....

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sioner (Appeals) who found that the impounded material being Annexure BF-1 to BF-10 did not indicate earning of unaccounted income of assessee of ₹ 3,12,00,000/-. The impounded material only disclosed earning of additional income to the tune of ₹ 1,43,68,982/-. That out of such income of ₹ 1,43,68,982/- indicated by the impounded materials, a sum of ₹ 42,15,000/- had been shown as income of Vimal Poddar (HUF) and the balance amount of ₹ 1,04,11,752/- had been shown .....

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including the opening balance and the payments are approximately of ₹ 1,38,00,000/- only. The Commissioner (Appeals), after appreciating the material on record, found that the true undisclosed income of the assessee which was earned during the year under consideration upto the date of survey, that is, 2.2.2007 was only to the extent of ₹ 1,43,68,982/- and not ₹ 3,12,00,000/- as declared by the assessee as recorded during the survey. He further observed that the statement was re .....

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ngly, allowed the ground of appeal. The revenue carried the matter in appeal before the Tribunal which concurred with the findings recorded by the Commissioner (Appeals) and dismissed the appeal. 4. Mrs. Mauna Bhatt, learned senior standing counsel for the appellant, reiterated the findings recorded by the Assessing Officer and submitted that the Assessing Officer had rightly held that the unaccounted income was to the tune of ₹ 3,12,00,000/-, as disclosed by the assessee during the course .....

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