2016 (4) TMI 479

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....tated to be a substantial question of law:- "Whether on the facts and circumstances of the case in law Appellate Tribunal has erred in deleting addition of Rs. 17192996/- which was made by the Assessing Officer on the basis of voluntarily disclosure made by the assessee in his statement, recorded on oath during the course of survey proceedings and given by the assessee after verification of his books of accounts and duly concerned with his Chartered Accountant?" 2. The assessment year is 2007-08 and the relevant accounting period is 1.4.2006 to 31.3.2007. The assessee is assessed as an individual. The department conducted a survey of his group concerns on 2.2.2007. During the course of survey, the assessee's statement came to be recor....

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....e Commissioner (Appeals) who found that the impounded material being Annexure BF-1 to BF-10 did not indicate earning of unaccounted income of assessee of Rs. 3,12,00,000/-. The impounded material only disclosed earning of additional income to the tune of Rs. 1,43,68,982/-. That out of such income of Rs. 1,43,68,982/- indicated by the impounded materials, a sum of Rs. 42,15,000/- had been shown as income of Vimal Poddar (HUF) and the balance amount of Rs. 1,04,11,752/- had been shown by the assessee in his return of income. It was the case of the assessee that during the course of survey proceedings the officers had shown seized material which disclosed income out of transactions to the tune of Rs. 2,85,00,000/- and under this impression, at....

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....ings recorded by the Assessing Officer and submitted that the Assessing Officer had rightly held that the unaccounted income was to the tune of Rs. 3,12,00,000/-, as disclosed by the assessee during the course of survey, and was, therefore, justified in making addition of Rs. 1,71,92,996/- accordingly. It was submitted that the disclosure made by the assessee being voluntary, the Commissioner (Appeals) and the Tribunal were not justified in setting aside the addition made by the Assessing Officer. 5. The facts are not in dispute. During the course of survey, the assessee had made a statement under section 133A(3)(iii) of the Act declaring the undisclosed income of all group concerns to be Rs. 3,12,00,000/-. However, subsequently upon asc....