2013 (5) TMI 326

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....e Tribunal fell into error in directing that the sum of Rs. 39,52,293/-, added by the Assessing Officer, was covered by the disclosure made by the assessee after the survey conducted, which led to his filing a return?" 2. At the outset, the learned counsel for the respondent/assessee urged that the above question was not a question of law at all and much less a substantial question of law and that the same involved only issues of fact which had been finally determined by the Tribunal. However, the learned counsel for the appellant contended that a Bench of this court had already framed the above question and therefore the same needs to be answered. 3. The facts of the case are aptly set out in paragraph 2 of the impugned order and the....

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....n various projects of the assessee company. The assessee company recognized total value of sales of such flats in its profits and loss account at Rs. 18,08,31,794/- as against the earlier sale value shown at Rs. 4,50,00,000/- thereby offering an additional income to the extent of Rs. 13,58,31,794/-. The said accretion formed part of the overall agreed income of Rs. 15 crore as offered voluntarily by the assessee after the survey. The balance amount of Rs. 1,41,68,206/- was offered directly in the computation of income to cover any deficiency or discrepancies or other investments/expenditure, etc. Thus, it was pleaded by the assessee that further disallowance of Rs. 39,52,293/- being less than the amount additionally offered for tax of Rs. 1....

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.... already embedded in the additional business income which was offered by the respondent/ assessee which was to the extent of Rs.1,41,68,206/-. The Tribunal has examined this aspect of the matter in detail and observed that the assessee, in order to make its offer an honest attempt, apart from declaring the discrepancy pointed out, offered an additional sum of Rs. 1,41,68,206/- so as to complete the figure of Rs.15 crores which was the offer made at the time of survey. The Tribunal noted that the said amount of Rs. 1,41,68,206/- exceeded the amount of Rs. 39,52,293 added by the assessing officer. Consequently the Tribunal held as under:- "Therefore, in our opinion, learned CIT (A) has taken a right view that the aforementioned amount shou....