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TMI Blog2016 (10) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... d having concurrent jurisdiction over assessees cases. 2. For the sake of discussion, the appeal in the case of Shri Singirikonda Ravinder in ITA No. 1377/Hyd/2013 is considered in detail. 2.1. Assessee herein is a partner in M/s. Mamatha Silk Centre and other firms at Suryapet. Survey operations u/s. 133A of the Income Tax Act [Act] was conducted in Singirikonda Group of cases on 31-08-2006. A statement of assessee was recorded on 08-09-2006 in which assessee was questioned about findings of the department in the course of survey operations conducted in the business premises. Assessee had declared voluntarily on behalf of himself and his family members, additional taxes of Rs. 15 Lakhs (sic). It was also submitted that there are differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- was added. AO has accepted the income as per the original return at Rs. 1,04,000/- and added the additional income offered in the revised return, treated as 'invalid' return by the AO, at Rs. 10,55,100/- and also made an addition of Rs. 4,60,000/-, thereby determining total income at Rs. 16,19,100/-. 3. Assessee contested the same before the Ld. CIT(A). Ld. CIT(A) while analyzing the statements of various proceedings in the group and the excess stock found in the case of a firm, has confirmed the addition of Rs. 10,55,100/- on account of unexplainable assets and since no explanation was given for the source of money in the money lending activity, the addition of Rs. 4,60,000/- as 'unexplained investment' was also confirmed. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered the rival contentions and perused the evidence on record. Even though statements were recorded from assessee enquiring about various investments, assessee has voluntarily offered higher income for AY. 2005-06 at Rs. 10,55,100/- and filing of revised income is within the time limits permitted. Rs. 10,55,100/- includes interest income originally offered at Rs. 1,04,000/-. Income on interest was offered even prior to survey proceedings. Since assessee is already on record, there could be capital in his money lending activity. That arises in earlier year and assessee has sources in earlier years aswell. Be that as it may, I do not find any reason for the AO to reject the revised return and also make the same amount as 'addition' and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents of Rs. 19,250/-. In spite of assessee's objections, Ld. CIT(A) confirmed all the additions. 10. After considering the rival contentions as discussed earlier in detail in the case of Shri Singirikonda Ravinder in ITA No. 1377/Hyd/2013, I am of the view that the higher income offered at Rs. 4,50,000/- can be accepted and no separate disallowance can be made as was done by the AO. In this case, the total income is to be determined at Rs. 4,50,000/- as per the revised return filed by assessee, telescoping other additions separately made by the AO. AO is directed accordingly. This appeal of assessee is partly allowed. ITA No. 1378/Hyd/2013 11. In this case, assessee filed her original return of income on 30-11-2005 declaring total incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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