AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2015 (9) TMI 7
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....urn of income for Assessment Year 2008-09 on 30.9.2008 declaring income of Rs. 19,62,85,960. Pursuant to search action under Section 132 of the Income Tax Act, 1961 (in short 'the Act') being conducted in this group on 26.10.2007, proceedings were initiated under Section 153A of the Act and in response thereto, the assessee filed a return of income declaring income of Rs. 21,07,24,880. In this return filed in response to notice under Section 153A of the Act, the assessee disclosed additional income of Rs. 1,35,00,000 as per admission of undisclosed income. This admission of undisclosed income included Rs. 90,60,000 on account of the difference of consideration made in the purchase of property on 4.2.2006 in the period relevant to As....
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....ed to exclude that income on the reasoning that it belongs to M/s. Ennoble India Savings & Investment Company also clearly shows that even at the time of filing the return in the hands of the appellant admitting this income this explanation was not there and the new argument is only an afterthought. I have considered the case law cited by the appellant in 143 TTJ 322 (Mumbai). However, the facts are distinguishable in as much as the fresh claim should be made in the return in the search assessment under Section 153A. 5.3 However considering the fact that Sri G. Janardhan Reddy is the key person I find it more appropriate to tax this excess cash found in the hands of the appellant's husband. Accordingly I agree with the argument of the app....
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....unting to Rs. 1,35,00,000 was disclosed which comprised, inter alia, of Rs. 90,60,000 pertaining to unexplained investment in property purchased on 4.2.2006 and cash seized amounting to Rs. 35,00,000. It is further submitted by the learned Authorised Representative, that in the course of assessment proceedings it was pointed out to the Assessing Officer that the investment of Rs. 90,60,000 in the purchase of property on 4.2.2006 had already been admitted by the assessee and taxed in the assessee's hands in the Assessment Year 2006-07 in the order of assessment passed pursuant to notice under Section 153A and therefore the additional income offered to this extent be deleted. The Assessing Officer on verification of the relevant records o....
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.... record. The sole issue for consideration before us, in Revenue's appeal, is regarding the treatment of cash of Rs. 35 lakhs, seized in the course of search on 26.10.2007, in the case on hand. Admittedly, this amount was disclosed by the assessee in the income returned pursuant to the search. The assessee, inter alia, put forth the explanation before the Assessing Officer and the learned CIT (Appeals) that the very same amount of income of Rs. 35 lakhs on account of cash seized on the date of search had already been offered to tax in the hands of her husband, Sri G. Janardhan Reddy for Assessment Year 2008-09. We find that, as contended by the learned Authorised Representative, seized cash of Rs. 35 lakhs has also been brought to tax in the....
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....d CIT (Appeals) to tax the unexplained seized cash of Rs. 35 lakhs in his hands, and has filed an Affidavit dt.8.7.2015 sworn to by Sri G. Janardhan Reddy, the relevant portion of which reads as under :- " AFFIDAVIT Sri G. Janardhana Reddy,Son of Late Sri G. Chenga Reddy aged about 48 years resident of Bellary (presently residing at No.1, Race Course Road, Bangalore) do hereby solemnly affirm and state as under : 1. I am assessed to tax on the file of DCIT, Central Circle 1(3), Bangalore. 2. I am filing this affidavit in connection with the appeal proceedings in the case of Smt. G. Lakshmi Aruna (wife) in ITA No.626/Bang/2013 (Revenue Appeal) CO 104/Bang/2014 (by Assessee) for the assessment year 2008-09 before the ITAT, Bangalore. ....