2016 (2) TMI 938

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....ction 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 17.9.2014 (Annexure A-10) passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (hereinafter referred to as "the Tribunal") in ITA No. 781/CHD/2009 for the assessment year 2006-07 claiming the following substantial questions of law:- I. Whether under the facts and circumstances of the case, the Tribunal order is sustainable, whereby the inferences drawn relying on the uncorroborated and unilateral statement recorded during survey u/s 133A, can it form the only basis for bringing to 'charge' (u/s 5) the amount as 'income'? II. Whether under the facts and circumstances of the case, there is abuse and mi....

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....e., Income Tax Officer, Sangrur, prior to the commencement of the assessment proceedings. In pursuance to the initiation of the assessment proceedings, the assessee filed return of income on 31.10.2006 declaring nil income and subsequently on 27.7.2007 a notice under Section 143(2) of the Act was issued to the assessee. The Assessing Officer vide order dated 31.10.2008 (Annexure A-3) framed the assessment under Section 144 of the Act and made various additions amounting to Rs. 28,89,527/-. Feeling aggrieved, the assessee filed an appeal on 20.11.2008 (Annexure P-4) before the Commissioner of Income Tax (Appeals) [for brevity "the CIT (A)"]. The assessee filed written pleadings dated 10.12.2008 (Annexure A-5). The CIT(A) vide order date....

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.... by the assessee and the surrender of Rs. 20 lacs was made. Once the assessee was unable to offer any plausible explanation for the sum surrendered during survey merely by relying on the retraction made on a later date, it does not absolve the assessee from its liability. Further, the CIT(A) while upholding the order of the Assessing Officer had recorded a finding that the surrender was made by the assessee based on the material alleged to be in the possession of the Assessing Officer collected during the course of the survey and the said surrender was made voluntarily. Even the bills, cash and supporting documents were found with the assessee which established that the assessee was in possession of assets over and above the assets dec....