2015 (4) TMI 617

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.... in Chowdhary group of cases on 14.11.2000. The assessee firm is one of the group concerns which were searched. During the course of search, certain documents and computer CD and loose papers were found and seized. The A.O. issued notice u/s 158BC, in response to which the assessee filed return declaring undisclosed income of Rs. 10 lakh with the note that the declaration was being made to cover any discrepancy in the books of account. The block assessment order was passed determining the total undisclosed income at Rs. 38.32 lakh. Certain additions were deleted. The only addition which survived is that of Rs. 13,13,816 as unexplained cash receipts as per page no. 2 of Annexure-A4. The assessee was carrying on its business in the same premi....

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.... the block period declaring a sum of Rs. 15 lakh as undisclosed income, again without there being any correlation with any incriminating material found during the course of search. Awin Exim Co. categorically made out a case that the said page, on the basis of which addition has been confirmed by the tribunal in the hands of the assessee, belonged to it and the undisclosed income of Rs. 15 lakh was relatable to such page only. It is a matter of fact that the income so offered by Awin Exim Co. at Rs. 15 lakh was assessed as such by the A.O. and the Tribunal also upheld the treatment of this amount as undisclosed income despite the assessee's request that if the addition of Rs. 13.13 lakh is sought to be made in the hands of Ekta Exports and ....

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....onfronted with such a situation only. Admittedly Awin Exim Co. offered Rs. 15 lakh, which did not co-relate to any incriminating material and that assessee owed page no.2 of Annexure-A4 by claiming to be pertaiing to it. It is a strong reason to conclude that no penalty should be imposed in the hands of the assessee because the amount has already been offered and assessed in the hands of the sister concern. On merits also, we find from page no.20 being page no.2 of Annexure- A4 that apart from the amounts and certain names and initials, there is no mention of any date. Thus there is no reference to the dates on which such entries were allegedly recorded by the assessee as representing its undisclosed income. There is no material to disclose....