TaxTMI 
TaxTMI 
TaxTMI 
2010 (4) TMI 830
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....e assessee as well as his father, Shri P. Mangilal, who is engaged in the business of pawnbroking and jewellery business. Their statements were also recorded during the survey. It was found that one business concern by the name "Shree Enterprises", stockist of M/s Dabur Products for which Smt. Sweety Kumari was stated to be the proprietrix, was also being run. For this year, the assessee filed return on 29th March, 2006, admitting a taxable income of Rs. 2,18,745, subsequent to survey. In their sworn statements the assessee and his father had agreed to offer certain amounts as income but had not included the same in the return of income. As per the Department, a sum of Rs. 9,60,025 representing excess cash was found during the course of sur....
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....eference to the assessee's books, the addition ought to have been deleted. (6) The learned CIT(A) is not justified in not considering the facts that the loan amount lent is Rs. 1,99,000 only and not Rs. 2,70,000. The AO made the addition of Rs. 71,000 on presumption without any documentary evidence. (7) The appellant craves the leave of the Hon'ble Tribunal to explain the above with evidences and request for a proper opportunity." 3. The first issue involved in this appeal relates to sustained addition of Rs. 9,60,025 which allegedly found as excess cash at the time of survey. The case of the assessee is that the entire cash found during survey stands explained and that whatever statement is made during survey under section 133A cannot b....
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....ting period from 1st April, 2004 to 1st March, 2005 in respect of all the above five family members were filed before the AO along with the copies of returns, statement of their accounts and other relevant documents. It is also a fact that the assessee has retracted the admission made during survey although it is belated, but as has been established, as a guidance insofar as statements recorded under section 133A of the Act are concerned, by the Hon'ble jurisdictional High Court that such admissions cannot be made basis for addition. When the assessee has explained by giving entire details including their PAN, etc. and the availability of cash at the time of survey or during the relevant period, in our opinion, by simply mentioning why the ....