TMI Blog2017 (11) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... closure of unaccounted income of ₹ 2.35 crores was made. This statement was, however, retracted to the extent of unaccounted income of ₹ 1.59 crores. Rest of the disclosure was maintained. The reasons were also cited for retraction. The assessee firm filed the return admitting an income of ₹ 89.13 lacs, which included unaccounted income of ₹ 76.10 lacs. The Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the judgement of I.T.A.T dated 09.06.2016, raising following questions for consideration: [ A] Whether on the facts and in the circumstances of the case and in law, the decision of ITAT in deleting the addition made on the basis of statements of the partners of the firm quantifying the unaccounted expenditure in land development is justified ignoring that the statements were recorded on oath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee firm filed the return admitting an income of ₹ 89.13 lacs, which included unaccounted income of ₹ 76.10 lacs. 3 The Assessing Officer, despite such developments proceeded to make addition of the entire sum of ₹ 2.35 crores admitted by the partner in a survey statement, which was later on retracted. In appeal, the CIT(A) deleted the addition primarily on the ground that n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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