9911796707
TMI Blog2018 (8) TMI 1477X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 153A of the Income Tax Act. During the search, the Revenue authorities had found cash of Rs. 84.61 lacs (rounded off) in possession of the petitioner. In the returns filed by the petitioner for the assessment years 2001-02 to 2006-07 under section 153A of the Act, the petitioner disclosed further income in addition to what the petitioner had disclosed in the original returns. The petitioner, however, contended that the additional income also arose out of his agriculture operations. The Assessing Officer however, framed assessment during such additionally disclosed income as income from undisclosed sources. The matter eventually went up to the Tribunal. The Tribunal, by an order dated 31.05.2010, accepted the assessee's co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in response to the Revenue's rectification application. He was of the opinion that when the High Court had already admitted the Revenue's appeals, it was no longer open for the Tribunal to exercise rectification powers. Additionally, he also formed an opinion that such powers cannot be used for recalling entire order to re-write it. Power of rectification cannot be equated with review. The same can be exercised only to rectify an error apparent on record. The Accountant Member however, could not accept such an opinion. He put his dissent note on 18.01.2013 in which, he made lengthy reference to the rival contentions as also to the general propositions in law regarding the Tribunal's power of rectification. Eventually, he reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee post search, was also agriculture income or whether the Assessing Officer was correct in discarding such a theory of the assessee and treating his income from other sources. The Tribunal had given its consideration, referred to evidence on record and held that the Assessing Officer had referred to the submissions of the sathi and other evidence to come to a conclusion that the assessee's declaration of the source of income is also quite believable. The Tribunal also noted that no evidence was collected by the Revenue during the search or post search inquiry to hold that the additional income disclosed was not agriculture income. 6. Whatever be the correctness of these findings it cannot be stated that the Tribunal arrived at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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