TaxTMI 
TaxTMI 
2016 (5) TMI 1143
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....red in deleting the addition of Rs. 2.00 crores made by the AO on account of undisclosed income, and (b) the ld.CIT(A) has erred in excluding Rs. 2.00 crores from the book profit computed under section 115JB of the Income Tax Act. Rests of the grounds are general in nature. 3. Brief facts of the case are that the assessee-company has filed its return of income electronically on 31.10.2007 declaring NIL income after claiming set off of the carry forward loss of Rs. 73,90,737/-. This return was revised on 28.09.2008 and the assessee has reduced the claim of brought forward loss to the tune of Rs. 62,9,472/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) of the Act was issued and served upon t....
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....ssure or coercion. The disclosures were made with respect to investment in residential house, plant & and machinery and cash-loan. But unfortunately, the assessee company did not come with correct valuation of residential property etc. 4. Dissatisfied with the addition, the assessee carried the matter in appeal. The assessee has filed written submissions, which have been extensively reproduced by the CIT(A) from para no.5.3 (Page nos.11 to 40) of the impugned order. The ld.CIT(A) has recorded a finding that no incriminating material was found by the survey team during the course of survey. Accordingly, the ld.CIT(A) has deleted the addition by observing as under: "5.7. From the findings in the assessment order, it is observed th....
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....n the other hand, the ld.counsel for the assessee contended that as far as the statement given under section 133A(3)(iii) during the course of survey is concerned, that statement does not carry any evidentiary value. It is just an information. On the basis of this statement no addition can be made. In order to buttress his contention, he relied upon the Tribunal's order in the case of ACIT Vs. Ajoy Bakli, ITA No.312/Kol/2013 dated 6.5.2015 wherein the Tribunal has placed reliance on the judgment of the Hon'ble Madras High Court in the case of CIT Vs. S. KhadarKhan Son, 300 ITR 157 (Mad.). The SLP against this decision has been dismissed by the Hon'ble Supreme Court, reported in (2012) 210 TAXMAN 248 (SC). 7. We have duly considered rival....
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.... simply an information, which can be used for corroboration purpose for deciding any issue in favour or against the assessee. The observations made by the Hon'ble Kerala High Court on page no.108 of the journal are worth to note. It reads as under: "..Section 133A(3)(iii) enables the authority to record the statement of any person which may be useful for, or relevant to, any proceeding under the Act. Section 133A, however, enables the income-tax authority only to record any statement of any person which may be useful, but does not authorise taking any sworn statement. On the other hand, we find that such a power to examine a person on oath is specifically conferred on the authorised officer only under section 132 (4) of the Income-....
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....the record, we find that the Revenue failed to collect any other material during the course of survey, and accordingly, on the basis of the statement given without oath, addition cannot be made. Therefore, the ld.CIT(A) has rightly deleted the addition. 10. In the next ground of appeal, the grievance of the Revenue is that the ld.CIT(A) has erred in excluding the amount of Rs. 2.00 crores from the book profit for the purpose of section 115JB. On due considerations of the facts and circumstances, we are of the view that this ground deserves to be rejected simply for two reasons, viz. addition of Rs. 2.00 crores has already been deleted, therefore, there cannot be any adjustment, and (b) the accounts of the assessee are prepared in accorda....