2019 (6) TMI 98

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....33A of the Income Tax Act, 1961 (hereinafter called 'the Act') were conducted on 15.09.2009 in the hospital premises being operated by the assessee. Book of accounts like Receipt Register, Day Book Register and Printed Slip Register were inventoried. The statement on oath of Dr. J.S. Khurana, partner of the firm, was also recorded. In the said statement, the said partner agreed to declare additional income of Rs. 20 lakh on account of undisclosed investment on purchase of assets prior to the date of survey which was not said to be reflected in the books of accounts at the time of survey. Subsequently, the return of income was filed on 13.10.2010 declaring a total income of Rs. 18,95,580/. The case was picked up for scrutiny un....

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....the gross receipts at an increased figure. He drew our attention to a chart wherein it was demonstrated that the gross receipts during the year under consideration were Rs. 43,281,430/- as compared to Rs. 33,122,988/- in assessment year 2009-10 and Rs. 29,411,035/- in assessment year 2008-09. It was submitted that the surrendered amount had been subsumed in the gross receipts. It was also further submitted that the assessee had shown an addition of Rs. 22.87 lakh in the building under construction after the date of survey which was done so as to show the surrendered amount as having been spent towards the construction of the building and this amount represented the difference in the valuation of building under construction as per the assess....

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....ed as compared to earlier assessment years. It was also submitted that the additions had been made on account of discrepancy on the date of survey i.e. 15.09.2009 and not after the date of survey and, therefore, the addition to building under construction account cannot be taken as part of surrendered amount. 4.1 The Ld. Sr. DR also placed reliance on the observations of the Ld. Commissioner of Income Tax (A) as contained in page 4 sub-para (iv) wherein the Ld. Commissioner of Income Tax (A) has observed that the assessee had failed to identify the entries or receipts in the gross receipts which were claimed to have been entered in the books of accounts on account of surrendered income. It was pointed out that the Ld. Commissioner of Inc....