TMI Blog2023 (12) TMI 495X X X X Extracts X X X X X X X X Extracts X X X X ..... d loss account under the head other income business . Further, the appellant has filed an affidavit and confirmed income offered during the survey is subjected to tax. From the details filed by the assessee, we find that the appellant has declared amount of Rs. 1,00,00,000/- offered as additional income during the course of survey and paid necessary taxes. In fact, the A.O and Ld. CIT(A) are also not disputed the fact that the assessee has offered Rs. 1,00,00,000/- for tax which is evident from the findings of the Ld. CIT(A) in their order dated 23.03.2016. Since, the appellant has already offered and paid taxes additional income of Rs. 1,00,00,000/- declared during the course of survey, further addition on very same amount by the A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th which is read as under: The above piece of land was entered into for purchase for an amount of Rs. 7.71 Crore as per the agreement dated 03-07-2008 entered by Shri D. Srinivasan. Later the following persons namely, Myself, D. Senthilkumar (2) V.R. Gunasekaran (3) John Antony (4) Shri Anand (5) Shri T.K.V. Palanisamy, Mettuplayam (6) Trans Venture BPO Solutions Private Ltd (7) C.R. Vasudevan routed amounts to Shri D. Srinivasan for this project. Since the hotel project could not be commenced, the land was sold to Shri Nagendran and his son Shri Sivakumar and wife Smt. Vijayalakshmi for a consideration of Rs. 4 Crore as per the deed and Rs. 6 Crore received as on-money. This is evidenced by the pencil notings in the unsigned MOU found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. We observe that the Ld. CIT(A) dismissed the appeal of the assessee by observing- (i) There was an incriminating material found during the course of search. (ii) The assessee admitted the acceptance of on-money vide sworn statement. (iii) The assessee offered Rs. 1,00,00,000/- for taxation. (iv) The retraction of statement was not immediate. Assessee retracted the statement after seven months. (v) Same incriminating material was found during the search operation in the premises of M/s Annapoorna. (vi) Statement given on oath by the Account Manager of M/s Annapoorna that the purchaser of the land distributed Rs. 6 lakhs to the seller of the land. (vii) The land has been sold at the lower pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also stated that that sheet was given to him by D. Srinivasn for safe keeping. The assessee failed to furnish any evidence against that statement made by the Account Manager of M/s Annapoorna. The assessee simply assailed the impugned order saying that the Ld. CIT(A) did not allow cross-examination of the account manager. Also, we observe that a retraction of statement to be effective has to be made at the earliest. [ 2016] 387 ITR (P H). Whereas in the instant case, the retraction was after seven months. So, such a retraction of statement is not acceptable. 10. We find from the financial statements filed by the assessee for the A.Y 2011-12 that additional income offered during the course of survey towards on-money received from sale ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
