9911796707
TMI Blog2023 (10) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... n Ground No. 1 by the assessee is against the confirmation of addition of Rs. 57,24,140/- by the ld. CIT(Appeals) as made by the ld. Assessing Officer under section 56(2)(vii)(b) of the Act, whereas the issue raised in Ground No. 2 is against the order of ld. CIT(Appeals) confirming the disallowance of Rs. 58,61,170/- as made by the ld. Assessing Officer on account of undisclosed income being the residue amount out of the disclosure made. 3. Brief facts of the case are that the assessee filed his return of income on 30.11.2014 declaring total income of Rs. 82,53,190/-. The case of the assessee was selected for scrutiny and statutory notices were duly issued and served upon the assessee. It is pertinent to state that the assessee is a propr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e remaining amount of Rs. 1,15,85,310/- was added in the assessment framed under section 143(3) dated 30.12.2016. The addition was made on two counts, namely - (i) balance amount of Rs. 58,61,170/- and (ii) under section 57(2)(vii)(b) Rs. 57,24,140/-. 4. The assessee has challenged the said addition before the ld. CIT(Appeals). However, the ld. CIT(Appeals) has dismissed the appeal of the assessee on the ground that the assessee has suo motu declared this amount post survey proceedings u/s 133A of the Act on the assessee. 5. We have heard the rival submissions and perused the relevant material placed before us. So far as the addition of Rs. 57,24,140/- is concerned, we observe that the addition was made by the ld. Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of the case. We observe that the observation of the ld. Assessing Officer that the amount represented as additional income under section 57(2)(vii)(b) is untenable. Considering the overall scenario and facts that the assessee has disclosed Rs. 84,40,690/- without any basis and which was just a suo motu voluntary disclosure and the ld. Assessing Officer has also not found any unexplained credit or source of money or asset to back such disclosure. Under these circumstances, we are of the view that the addition under section 56(2)(vii)(b) has to be adjusted and telescoped out of this suo motu voluntary disclosure of Rs. 84,40,690/-. Therefore, we are inclined to allow the Ground No. 1 of the assessee by setting aside the order of ld. CIT(Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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