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TMI Blog2022 (7) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... er and disposed off by way of this consolidated order for convenience and avoid repetition of facts. 2. First we take of the appeal for assessment year 2013-14, the grounds of appeal of which are reproduced as under: 1. On the facts and circumstances of the case and in laws the Ld. CIT(A) erred in confirming the assessed income at Rs. 8,48,930/- as against the returned income of Rs. 7,86,930/-. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not holding the assumption of jurisdiction by the Ld. Assessing Officer as bad in law as the legal conditions laid down for initiating assessment proceedings W/s 153C of the Act have not been fulfilled. 3. On the facts and circumstances of the case and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments belonging to the assessee were seized during the course of the search in the case of Sh Bhanwarlal Jain. The assessee filed return of income in response to notice issued for 153C proceedings. The assessment was completed after making addition of interest income of Rs. 2,60,000/- to the returned income. On further appeal, the Ld. CIT(A) upheld the legality of the proceedings as well as addition on merit. Aggrieved, the assessee is before the Tribunal raising the grounds as reproduced above. 4. Before us, the Ld. counsel of the assessee filed a copy of the statement of the assessee recorded during survey proceedings. 5. We have heard rival submission of the parties on the issue in dispute and perused relevant material on record. As fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... coercion. The Ld. Assessing Officer rejected the retraction of statement by the assessee holding that it was after a lapse of such a long time and in attempt to thwart efforts of the Department. According to him the statement was recorded under section 131 of the Act and therefore it was one of the admissible evidence. According to the Ld. Assessing Officer retraction was not corroborated by any other evidences and therefore it was liable for the rejection. The Ld. Assessing Officer finally concluded as under: "6. As discussed above that during the course of survey at 210 A Panchratna, Opera House, on 04.10.2013, the assessee when confronted with the clinching evidences, has very categorically admitted in his statement that he does advan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and categorically mentioned that he was receiving quarterly interest @ 18%; 12% by cheque and 6% by cash. After that statement, there was left no doubts as to the assessee was receiving interest @GX in cash over and above interest @ 12% through cheque. Further, cash portion of interest was nowhere disclosed by the assessee in the books of accounts or the return. Therefore, the Assessing Officer was justified in adding a sum of Rs. 62,000/- additional interest income in the hands of the assessee being cash component of interest @ 6% on loan amount. 15. During the appellate proceedings, the assessee has produced no evidence or explanation as to why the addition made by the Assessing Officer was unfair or unreasonable. I am therefore, not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the partner. Assuming there were discrepancies and irregularities in the books of accounts maintained by the assessee, an offer of additional income for the respective assessment years was made by the partner of the firm. But, such statement, in view of the scope and ambit of the materials collected during the course of survey action under Section 133A shall not have any evidentiary value, as rightly held by the Commissioner and the Tribunal, since such statement was not attached to the provisions of Section 133A of the Act. It could not be said solely on the basis of the statement given by one of the partner of the assessee-firm that the disclosed income was assessable as lawful income of the assessee. Since there was no material on reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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