2005 (3) TMI 748

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.... on account of "on money" received by the assessee in the sale of shops which have been admitted in the course of search proceedings, only relying upon the retraction made by the partner subsequently? 2. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in coming to the conclusion that there is no evidence to prove that the assessee-firm has received money for sale of shops outside books of account and, therefore, the additions made by the Assessing Officer are required to be deleted? 3. Whether, on the facts and in the circumstances of the case, the findings recorded by the Income Tax Appellate Tribunal are perverse or not?" 2. As facts are identical in all the years....

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....y Ltd. v. State of Kerala [1973] 91 ITR 18, the Tribunal has come to conclusion that the statement could not be relied upon in light of the affidavit of retraction and the other evidence on record. Similarly, the Tribunal has also appreciated the statement and affidavit of another person, one Shri Poonamchand Rupavala, who was also not a partner of the assessee firm. 4. It was submitted by Mr. Naik that the Tribunal had failed to take into consideration the other material namely, seized material on which reliance had been placed, both by the Assessing Officer and CIT (Appeals). That the Tribunal had placed undue emphasis on the affidavit of retraction and hence, the impugned order of the Tribunal, according to Mr. Naik, suffered from vic....