TaxTMI 
TaxTMI 
2020 (6) TMI 79
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....ted 07.05.2017 for the assessment year 2009-2010, in response to the notice issued under Section 153-A of the Income Tax Act, 1961 [in short "IT Act"] dated 09.04.2015 declaring a total income of Rs. 8,88,420/- and agricultural income of Rs. 12,500/- and the said notice was proceeded by a Search under Section 132 of the IT Act, which was conducted in the business premises of the assessee on 22.05.2014 and during the course of search, the Executive Diary maintained by the assessee for the year 2008 was seized on 22.05.2014 and the relevant entries found are extracted below: HOUSE MD 50,00,000 BANK 34,00,000 7,00,000 Total 91,00,000 Total Registration 90,00,000 Stamp & Registration 3,78,000 Bank Charges 50,000 &n....
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....xmann.com 39 (Madras) (cited supra), has confirmed the order of the CIT (Appeals). 5. The assessee, after the disposal of the appeal, filed M.P.No.290 of 2019 under Section 254(2) of the IT Act as to the non-consideration of Ground Nos.7 and 8 and the said Miscellaneous Petition has also ended in dismissal vide order dated 20.01.2020. The assessee aggrieved by the said order and making challenge to the same, had filed these appeals. 6. The assessee has raised the following Substantial Questions of Law: Cryptic, non-considered & Perverse Order a) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in passing a crptic, non-considered and perverse order? validity of retracted co....
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.... addition of unaccounted investment u/s.69 of Income Tax Act, 1961 made without any corroborative evidences as brought out above? g) whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in law in dismissing the Miscellaneous Petition filed for rectification of mistake apparent on record u/s.254(2) of Income tax Act, 1961 for want to adjudication of the Grounds of Appeal raised in appeal? h) whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in law in not recalling its non-considered cryptic order without adjudicating the Grounds of Appeal raised in appeal? 7. The learned counsel appearing for the appellant / assesee has invited th....
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....ee did not dispute the maintenance of the diary as well as particular entry made in the diary and the only requirement is the voluntary statement given under Section 132 (4) of the IT Act as well as retraction statement in the form of letter, have to be taken into consideration and the Assessing Officer has also done that exercise and even in the retraction letter dated 26.10.2016, the adjudication done under Section 47 (A) (1) of the Indian Stamp Act have not been specifically raised or stated and burden lies heavy on the assessee in the light of the presumption cast upon him under Section 134(A) of the IT Act and the petitioner has failed to discharge the presumption and would further add that since the findings are concurrent in nature, ....