TaxTMI 
TaxTMI 
2013 (10) TMI 465
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....is involved in these two appeals, they are being disposed of with this consolidated order. 2. The learned DR has relied on the order of the AO. He submitted that the assessee has filed its revised return, as a consequence of survey conducted under section 133A of the Act at the residential premises of the assessee on 12.1.2007, wherein certain documents were found and impounded. Statement of the assessee was recorded at the time of survey wherein he admitted that he has sold total number of 78 plots of land of various persons to various other persons in three financial years. The assessee admitted that he has obtained power of attorney from his various friends for sale of their plots and stated that sale price received in cheques was giv....
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.... of income was revised prior to the issue of notice under section 142(1) r.w.s. 143(2) issued to him. The revised return was filed voluntary and prior to any detection by the department. He submitted that the assessee has submitted confirmation letter of land owners, wherein they have confirmed that the power of attorney was given to the assessee for administration of plots, and the cash amount retained by him for incurring expenses and the account was to be settled after the sale of all the plots. He referred to relevant portions of the order of the CIT(A) in support of the case of the assessee, and has relied on the order of the learned CIT(A). 4. We have considered rival submissions carefully and perused the orders of the AO and the C....
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....ed its return of income prior to notice of hearing issued by the department under section 142(1) of the Act r.w.s. 143(2) of the Act. We find that the assessee was assessed more or less on the same figure of return of income as per the revised return filed by him. The claim of the assessee was that he has made the disclosure of additional income during the course of survey to avoid long and expensive legal proceedings and to avoid mental tension, and was assured by the department during the course of survey that no penalty action is initiated by the department, if the amount is disclosed. We find that the Revenue could not controvert the claim of the assessee. The assessee has claimed that the cash component received by him did not belong t....
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....settled after the sale of all the plots. The CIT(A) has recorded that the assessee in its reply dated 22.7.2010 has categorically stated that the cash amount was spent away towards legal expenses, permissions, levelling exps. etc. and no surplus was made out of it. The CIT(A) has recorded that copy of the agreement between the assessee and certain land owners showed that the assessee was appointed to carry out various acts for a commission income at 5% , which the assessee has already disclosed in its original return of income. The CIT(A) has recorded that the assessee has brought on record necessary evidences relating to cash amount spent away by him and resulting no surplus out of it. The CIT(A) has further recorded in his appellate order....