2015 (8) TMI 373

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....1. This appeal under Section 260A of the Income Tax Act, 1961 ('Act') is directed against the order dated 30th September 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 5375/Del/2010 for the Assessment Year ('AY') 2007-08. 2. The question sought to be urged is whether the ITAT erred in upholding the order of the Commissioner of Income Tax (Appeals) [....

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....t was made explicit from the said letter that the surrender was being made by the company and not by the Respondent Assessee in his individual capacity. 4. It transpires that the above letter was followed by other letters and statements made on 8th and 12th September 2006. The ITAT has pointed out a contradiction in the answers given in the subsequent statements by the Respondent Assessee where....

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....ior Standing counsel for the Revenue placed reliance on the decision of the Allahabad High Court in S.C. Gupta v. Commissioner of Income Tax [2001] 248 ITR 782 (All) and submitted that even a retracted statement made during the course of search could form the basis of an assessment. 6. The Court finds that the said decision is distinguishable in its application to the facts of the present case.....

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....sh Kumar Gupta Rs.3, 45,00,000/- Total Rs.7,00,000,00/-" 7. The above statement cannot be said to be a categorical admission by the Respondent Assessee that the above income had been earned by him in his individual capacity. The cumulative effect of the letter dated 1st September, 2006 and both the statements rendered them unreliable. There was no other corroborative material. In the c....