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2016 (11) TMI 1025 - PUNJAB AND HARYANA HIGH COURT

2016 (11) TMI 1025 - PUNJAB AND HARYANA HIGH COURT - TMI - Addition on account of surrender during the survey under section 133A - Held that:- AO found that the pre-survey and post-survey profit and loss account of the assessee showed for the period 01.04.2006 to 07.09.2006 a net profit of ₹ 83,47,719/- and for the latter period i.e. from 08.09.2006 to 31.03.2007 net profit of ₹ 77.75 lacs which included an amount of ₹ 67 lacs as income surrendered during the survey. On this ba .....

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surrendering the said amount, the assessee had the benefit of having the further enquiry shut. - The view taken by the Assessing Officer and the Tribunal cannot be said to be perverse. The amount of ₹ 1,60,00,000/- had been surrendered for the first half of the year. The assessee itself showed a profit of the said amount of ₹ 10.76 lacs and therefore added the same to the surrendered amount of ₹ 1,60,00,000/-. It is to say the least a possible approach to the matter. - .....

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6 with a sum of ₹ 1500/- and then deposited a sum of ₹ 3,00,000/- in cash on 23.08.2006 and issued a cheque of the same amount on the same day i.e. 23.08.2006. As observed by the Tribunal, if she was a professional, there was no explanation why she had not opened her own account earlier. Moreover, her income was stated to be only ₹ 82,000/- per annum. There was no explanation as to how she had suddenly obtained ₹ 3,00,000/-. In this manner, the Tribunal also analyzed the .....

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ontends that the following substantial questions of law arise in this case:- A) Whether under the facts and circumstances of the case, the Hon ble Income Tax Appellate Tribunal, is justified in reversing a well versed order of CIT(A) in deleting the addition of ₹ 10,75,832/- on account of surrender during the survey under section 133A without appreciating the true intention of appellant in making the impugned surrender and without appreciating the trite law as laid down by the Supreme Cour .....

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have been accepted without any further addition? B) Whether under the facts and circumstances of the case, the Hon ble Income Tax Appellate Tribunal is justified in reversing a well versed order of CIT(A) in deleting the addition of ₹ 24,00,000/- on account of unsecured loans under section 68 without appreciating the fact that the appellant had duly discharged its onus and having filed the requisite evidences without bringing any adverse material on record and without controverting the fac .....

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s and having filed the requisite evidences without bringing any adverse material on record and without controverting the fact that the impugned loans were duly returned in future with the impugned interest through banking channel which findings of IT^AT are perverse and against trite law? D) Whether the impugned order passed by the Hon ble Income Tax Appellate Tribunal, is perverse and deserves to be set aside? Re: Question-A 3. On 07.09.2006, a survey was conducted in the assessee s premises. D .....

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fit upto 07.09.2006 to cover up the difference in purchase/sale price of the plots and all other defects in the books/loose papers and documents. The assessee further stated that it would not claim any kind of deductions/exemptions in respect of the declaration. The Assessing Officer found that the pre-survey and post-survey profit and loss account of the assessee showed for the period 01.04.2006 to 07.09.2006 a net profit of ₹ 83,47,719/- and for the latter period i.e. from 08.09.2006 to .....

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rtaking given in the said letter. The Tribunal also agreed that there was voluminous incriminating material found during the survey and by surrendering the said amount, the assessee had the benefit of having the further enquiry shut. 4. The view taken by the Assessing Officer and the Tribunal cannot be said to be perverse. The amount of ₹ 1,60,00,000/- had been surrendered for the first half of the year. The assessee itself showed a profit of the said amount of ₹ 10.76 lacs and there .....

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from 12 parties. The Assessing Officer issued summons to these parties and only two of them responded. The Assessing Officer accepted these two transactions. He, however, did not accept the other 10 transactions. The parties were issued notices but failed to appear. A notice was issued to the assessee to show cause why these unsecured loans should not be added to its income under section 68 of the Income Tax Act, 1961. 7. What is important is that these parties had immediately before advancing t .....

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