TaxTMI 
TaxTMI 
2019 (3) TMI 1006
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....aid appeal was admitted by this Court on 6.12.2012 on the following questions of law- "1. Whether on the facts and in the circumstances of the case, the order of the Hon'ble ITAT is perverse in as much as on identical issue and on similar facts in the case of Mr. Ravindra Kumar Verma in ITA No. 892/Luc/05 dated 04.02.2009, the same bench held the retraction to be void & illegal. 2. Whether on the facts and circumstance of the case the Hon'ble ITAT was right in law in deleting the addition of Rs. 7 crore inspite of the fact that the surrender was made voluntarily with due care and caution and after necessary consultation, with all concerned. 3. Whether on the facts and circumstance of the case the Hon'b....
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....rom trading in commodity exchange. Further on 15.9.2005 the statement of Raj Kumar Arora son of assessee was also recorded who reiterated the surrender of Rs. 31 crores to be taxed. But, seen the return filed by the Assessee disclosing taxable income of Rs. 24 crores (even after surrendering Rs. 31 crores) has retracted from his statement. The assessing authority while framing the assessment order dated 31.12.2007 has assessed the total income at Rs. 31,03,04,332/- and imposed tax accordingly. The assessing authority added back Rs. 7 crores to the income of assessee on the basis of statement given by the assessee-respondent under Section 132(4) of the Act. Feeling aggrieved by the aforesaid order the assessee preferred appeal befor....
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....or the respondent had argued that the concurrent findings of fact have been recorded by the authorities below in favour of the assessee respondent and no question of law arises in the present appeal. It was further emphasised that though the surrender was made for Rs. 31 crores, immediately thereafter, on 6.10.2005 when the statement was recorded under Section 132(4) the assessee has explained and had given the details that only sum of Rs. 24 crores can be taxed in the year under dispute and balance Rs. 7 crores detail will be given. The Tribunal as well as CIT(Appeals) after recording finding of fact in favour of the assessee has rightly deleted the addition of Rs. 7 crores as there is no incriminating document or material on record whi....
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....nvestment made in purchase of jewellery/precious stones and Rs. 6 crores were surrendered as cash in hand duly shown in the books of account, balance Rs. 7 crores were surrendered with stipulation that details of the same would be given in due course of time. The assets to the magnitude of Rs. 7 crores were neither found by the authorities below nor such assets were identified or declared by the appellant. In such a situation, it could be inferred that no such assets actually exists. In other words, there is no clinching evidence or material to justify such addition of Rs. 7 crores. The addition can only be made, if there is incriminating material or the surrounding circumstances reveal that there is any material to justify the add....