TMI Blog2020 (5) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... ut the material based on which the disclosure is made. No doubt the disclosure made for the firm of Golden Manor may have other evidence, however in the case of the impugned addition of ₹ 20 lakhs; we do not find any mention about evidence of unaccounted income - also admitted by revenue that the assessee has retracted the statement immediately after the search that is almost within 10 days of the search - circular of CBDT dated 10.03.2003 also discourage revenue from making an addition merely on the basis of statement or confession without any evidence. Further had there been any evidence ld AO should have made addition of that amount and not ₹ 20 Lakhs. In view of this, we do not find any reason to sustain the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso agreed for the same and surrendered the above sum. However, while filing the return of income the assessee did not offer the above sum. On questioned, assessee submitted that vide letter dated 23.07.2015 to the Joint Director of Income Tax (Investigation), Dehradun he has already retracted the surrender. Subsequently, also on the same date his father has also retracted the above statement and further communicated to the respective authorities. According to the assessee such retraction of surrender is unchallenged by revenue. He further submitted that there is no material available with the revenue based on which the above surrender was extracted. He also submitted that there are no materials found during search which can even remotely c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement made u/s 132(4) of the Act based on the statement of his father. Therefore, it is important to look at the statement made u/s 132(4) of Mr. Thackur Singla to determine whether the disclosure was based on some evidence or not. Apparently, in assessment order as well as in the appellate order no evidence was disclosed based on which the father of the assessee disclosed the sum. Further, in the statement u/s 132(4) of the Act of the assessee in reply to question No. 35, where assessee has disclosed ₹ 20 lacks on his own, also does not have any discussion about the material based on which the disclosure is made. No doubt the disclosure made for the firm of Golden Manor may have other evidence, however in the case of the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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