TaxTMI 
TaxTMI 
2014 (11) TMI 322
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....hether on the facts and in the circumstances of the case, the Tribunal is right in law in dismissing the appeals and not allowing the matter to be remanded to the respondent when the additions made by him in the appellant's case for the relevant assessment years arise out of a mere assumption? (ii)Whether on the facts and in the circumstances of the case, the Tribunal is right in law in dismissing the appeal when there has been a clear insufficiency of time in providing reasonable opportunity to the appellant while completing the assessment under Section 153A read with Section 153C of the Income Tax Act? (iii)Whether the Tribunal having come to the conclusion that the assessment orders were passed at the fag end of the year withou....
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.... and loose sheets are unstructured and spread over without reference to time-frame. The Assessing Officer was of the view that the assessment could be completed based on the admission of the assessee in the sworn statements made on 29.8.2006 and 10.10.2006. The Assessing Officer came to the conclusion that there is admission of undisclosed income to the tune of Rs. 52,73,920/- and on the basis of the documents and statements, he came to the conclusion that further addition of Rs. 30,00,000/- should be made. Therefore, the total extent of undisclosed income was determined at Rs. 87,08,136/- and penalty proceedings were also initiated separately. 2.4. Aggrieved by the assessment orders, the assessee preferred appeals before the Commissione....
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.... the assessee at the time of search, which is reproduced as under: Sworn statement of Shri Kishore Kumar dt. 29.8.2006: 'Qn.11: I am showing you the three print-out of amounts totaling to Rs. 52,73,920 (Rs.3,31,336 + Rs. 15,05,158 + Rs. 34,37,427). Please explain this? Ans: These are the details of loans given by me to various parties as mentioned in the printouts. This is a separate business carried out by me which was not included in the income-tax returns filed by me. Qn.12: Please explain the source for the total outstanding amounts which are given by you? Ans: The loans totaling to Rs. 52,73,920 given to various parties as per the list were from my undisclosed income. I agree to pay the relevant income-tax dues for t....
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....e to be recovered with interest at the rate of 18%. This is a clear admission. This amount has also been calculated and added as undisclosed income. When there is a clear and categoric admission of the undisclosed income by the assessee himself, in our considered opinion, there is no necessity to scrutinize the documents. The document can be of some relevance, if the undisclosed income is determined higher than what is now determined by the department. Moreover, it is not the case of the assessee that the admission made by him was incorrect or there is mistake. In fact, when there is a clear admission, voluntarily made, by the assessee, that would constitute a good piece of evidence for the Revenue. 7. The learned counsel for the assesse....