TMI Blog1996 (9) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee under section 132(4) was recorded and during the course of this statement, the assessee made a disclosure of Rs. 7 lakhs as follows : Rs. Unaccounted investment in house property 4,00,000 Unaccounted cash 1,00,000 Unaccounted investment in furniture 1,00,000 Unaccounted investment in gold ornaments 1,00,000 Total 7,00,000 Later on, in January 1989, the assessee retracted from the disclosure and stated that the disclosure of Rs. 50,000 only was acceptable to him. It was submitted befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is seen that the appellant has retracted from his statement under section 132(4) after a gap of over two months. In the circumstances, the retraction from his statement cannot help the appellant. Moreover, it is also relevant to note that the appellant has made the disclosure of Rs. 7 lacs under specific heads. It is relevant to note that the facts which are voluntarily admitted by the assessee need no further proof. Considering the facts and circumstances discussed in detail in the impugned assessment order, the Assessing Officer's action in making the addition of Rs. 7 lacs representing the unaccounted investment in house property (Rs. 4 lacs), unaccounted cash (Rs. 1 lac), unaccounted investment in furniture (Rs. 1 lac) and unaccount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dmeasuring about 1200 sq.ft. when the expenditure incurred was supported by withdrawals made by the assessee from his capital accounts during S.Ys. 2042, 2043 and 2044. He further submitted that there was no justification in making the addition of Rs. 1 lac in respect of unaccounted investment in furniture and fixture on the upper floor when there was no basis for such addition. He further submitted that there was no justification for making addition of Rs. 1 lac in respect of gold ornaments when there was no justification for such addition and when the entire amount was explained. Similarly, there was no justification for making the addition of Rs. 1 lac on account of unaccounted cash. The learned counsel, therefore, prayed for the deletio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and tension. This Tribunal has taken a similar view in the case of Asstt. CIT v. Mrs. Sushiladevi S. Agarwal [1994] 50 ITD 524 (Ahd.) to which one or us (A.M.) was a property. But in the instant case when during the course of search, cash of Rs. 1 lac was recovered from the residence of the assessee; unexplained gold ornaments were also found; articles of furniture packed in bundles were found and it was discovered that the assessee had constructed first floor of the house property and for the cost incurred thereon, the assessee had no satisfactory explanation, the assessee came forward with a voluntary disclosure of Rs. 7 lacs under four different heads enumerated supra. Thus it was not for the fun of it that the assessee came forward with ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
