TMI Blog2020 (4) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... racted profit and loss account from the computer for the relevant assessment year upto 19.01.2010, the assessee has declared his income of ₹ 8.63 Crores . The assessee on his own in reply to Question No.25 had over and above the already agreed income of ₹ 8.63 Crores have also admitted that he would have an income of ₹ 9.5 Crores (inclusive of ₹ 8.63 Crores) upto 31.03.2010. Besides that the assessee had also declared the additional income of ₹ 2.60 Crores and ₹ 2.20 Crores for the assessment year 2008-09 and 2009-10 respectively. CIT(Appeals) had wrongly read the statement of the assessee and have further failed to appreciate the accounts as on 19.01.2010 were duly admitted and acknowledged by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, the Ld. CIT(A) has erred in deleting the addition made by the Assessing Officer without considering that the assessee had not retracted his statement nor had he given any explanation as to how the profit of ₹ 8.63 Crores as on 19.01.2010 had come down to ₹ 4.87 Crores as on 31.03.2010. 3. On the facts and circumstances of the case, the Ld. CIT(A) has erred in not appreciating that the assessee in his answer to Question No.25 of his statement recorded on oath had stated that apart from the estimated profit of ₹ 9.55 crores for A.Y. 2010-11, he further proposes to revise his return of income for A.Y. 2008-09 2009-10 to incorporate additional income of ₹ 2.60 crores and ₹ 2.20 Crores respectivel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 133A was conducted in the business premise of the assessee on 19.01.2010. The assessee has given a statement under oath during the survey action. The relevant questions and their answers are reproduced as below: Q. 23. A copy of the profit and loss account as on date has been extracted from your computer in respect of your propriety concern which reflects a profit of ₹ 8.63 Crores. What is the tax paid by you for the current financial year i.e. 2009-10? Ans. TDS is deducted from my contract receipts besides I have also paid ₹ 6 Lakhs by way of advance tax. I propose to pay the balance tax by way of third installment before 15th March, 2010. Q. 24 As per the profit and loss accounts extracted as on 19.01.2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02.2013 as to why the income of ₹ 4,62,17,350/- should not be added back to your total income as you have stated in the statement under oath during the survey action. In response to the same, the assessee submitted as under: 1) Your attention is invited to Question Number 25 and the answer thereto. The assessee on his own has stated that the estimated income from March, 2010 would be in the vicinity of 9.5 Crores. A reading of the response itself makes it clear that the same is only a statement of estimate and not a declaration of income. 2) It is also clear from the question that it is the voluntary statement made by the assessee. 3) As discussed at the time of survey and agreed by the assessee, it was decided to offer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed on statement only was uncalled for. Judicial decisions cited by the appellant support the arguments placed by the Ld. AR. Under this circumstances, I do not find any merit for sustaining such ad-hoc estimated addition of ₹ 4,62,17,350/-. The addition so made is accordingly deleted. Ground No.1 raised by the appellant is accordingly allowed. 4. The Ld. DR for the Revenue has also made following submissions with regard to the following effect: (a) The assessee has made statement during the course of survey on 19.01.2010 based on the profit loss account extracted from the computer of the assessee. (b) The assessee in his answer to Question No.25 of his statement recorded on oath had stated that apart from the estimated pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... puter system of the assessee on the basis of which the assessee has disclosed his income at ₹ 8.63 Crores as on 19.01.2010. The Ld. CIT(Appeals) has failed to appreciate the statement of the assessee and further failed to examine the profit and loss account retrieved at the time of survey which was admitted to be correct by the assessee. On the basis of this extracted profit and loss account from the computer for the relevant assessment year upto 19.01.2010, the assessee has declared his income of ₹ 8.63 Crores . The assessee on his own in reply to Question No.25 had over and above the already agreed income of ₹ 8.63 Crores have also admitted that he would have an income of ₹ 9.5 Crores (inclusive of ₹ 8.63 Cro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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