2020 (4) TMI 165

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....45,50,000/-. Brief facts of the case are that the assessee has filed its return of income on 27.9.2010 declaring total income at Rs. 61,57,330/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. According to the AO, a survey under section 133A was conducted at the business premises of the assessee on 10.9.2009. During the course of survey, the assessee has disclosed a sum of Rs. 80.00 lakhs as undisclosed income of the assessee. Out of the above disclosure, Rs. 68,50,000/- was disclosed for the Asstt.Year 2010-11 in the hands of CRP Associates, and Rs. 11,50,000/- was disclosed in the hands of Siddhraj Developers P.Ltd. for the Asstt.Year 2009-10. In the c....

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....ible in evidence because authorized officer was not having jurisdiction to administer on oath to the deposer. It is just a corroborative evidence. There is no other evidence possessed by the Revenue except certain papers which were disclosed by the deponent that they were rough estimates. Department has not carried out further investigation, and thus on the basis of the statement no addition can be made in the hands of the assessee. 4. In the second fold of contentions, he submitted that at the most this on-money taken on the booking amount would partake purchase price paid by the ultimate buyer of the house. The profit element embedded in such sales of the assessee is to be taxed, and not on gross amount. For buttressing this proposition,....

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....ee itself has accepted the stand disclosed during the course of survey by partly admitting the income at Rs. 23 lakhs. Therefore, now the assessee is precluded to take benefit of judgment of Hon'ble Supreme Court in the case of S. Khader Khan Son (supra). 8. We have duly considered rival submissions and gone through the record. No doubt a statement recorded during the course of survey under section 133A is only an information and not conclusive evidence on the basis of which addition can be made. But in the present case, this statement is to be appreciated keeping in mind that certain papers and diaries inventorised as Annexure-4, 5 and 6 were found and seized. The assessee itself did not dispute disclosure made by it during the course of ....