2018 (8) TMI 917

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....in confirming Rs. 50, 00, 000/- which was on account of declaration of cash on hand at the time of search proceedings, however the said amount had already been offered in the Income Tax Return of AY 2013-2014." 2. The brief facts of the case are that the assessee is a partnership firm engaged in the business of real estate development. A search action u/s 132 of the Ac, t was conducted on the SMC group on 23-05- 2012. The assessee being part of SMC group was also covered under search action. During the course of search, incriminating material found in the premises of M/s Rohit Infra Projects Pvt Ltd showed that the assessee has made various cash payments in respect of its purchases which were outside the books of account. When such incri....

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....e of Rs. 50 lakhs in the return of income filed for the assessment year 2013-14. For this, filed necessary details including copies of income-tax return to prove admission of income for the AY 2013-14. The AO, after considering relevant submissions of the assessee observed that although the assessee has admitted undisclosed income for AY 2012-13, without any valid retraction, failed to admit such undisclosed income even though the incriminating material clearly establishes that such undisclosed income pertains to AY 2012-13. Accordingly made addition of Rs. 50 lakhs to the total income of the assessee. 3. Aggrieved by the assessment order, the assessee preferred appeal before the CIT(A). Before the CIT(A), the assessee has reiterated its....

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....mitting undisclosed income for AY 2012-13. The Ld.AR referring to the copy of ITR filed for AY 2013-14 submitted that the assessee has admitted undisclosed income of Rs. 50 lakhs and also paid taxes and hence, any further addition for the same amount during the current year amounts to double addition and, therefore, the addition made by the AO should be deleted. 5. On the other hand, the Ld.DR strongly supported order of the CIT(A). 6. We have heard both the parties and perused material available on record. There is no dispute with regard to the fact of admission of additional income of Rs. 50 lakhs in the statement recorded u/s 132(4) of the Income-tax Act, 1961. The assessee has admitted undisclosed income of Rs. 50 lakhs for AY 201....