TaxTMI 
TaxTMI 
2018 (3) TMI 1924
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....d 23.01.2013 wherein the addition of Rs. 5.70 lacs on account of purchase of agricultural land and addition of Rs. 5.30 crores on account of unexplained share capital u/s. 68 of the IT Act, 1961 made by the ld. DCIT, Central Circle, Karnal vide his order dated 28.12.2011 passed u/s. 153A of the Act, is confirmed. The assessee has raised following grounds : "1. That Ld. Commissioner of Income Tax (Appeals) has acted arbitrarily and on presumptions basis, contrary to principles of natural justice and provision of law as such the action and findings based thereon stands vitiated and order is bad in law. 2. On the facts and circumstances of the case Ld. Commissioner of Income Tax (Appeal) is not justified in confirming an addition of Rs. 5,70,000 on account of excess money paid towards purchase of agriculture land made by Ld AO which is arbitrary, against principles of natural justice and contrary to facts and provision of law and based on surmises and conjectures and hence the addition so made by Ld. A.O. and confirmed by CIT(A) needs to be deleted. 3. On the facts and circumstances of the case Ld. Commissioner of Income Tax (Appeal) is not justified in conf....
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....sessment order also enclosed all these documents with respect to one of the companies. Subsequently, he enquired from the assessee about these transactions confronting these evidences. The assessee replied vide letter dated 30.08.2011, stating that all these companies are assessed to Income Tax and shares have been issued to them. With respect to various documents, the assessee gave an explanation that the documents found are neither incriminating and cannot be imputed with any motive. It was also stated that these are the normal documents at the time of allotment of shares. The assessee also submitted copies of bank statements, copies of the accounts of the investors, addresses of the companies, their PAN, list of directors etc. to show that identity and creditworthiness of the investors and the genuineness of the transactions are established. He further relied upon several decisions of Hon'ble Delhi High Court as well as Supreme Court. 5.2 The Assessing Officer examined the explanation of the assessee and stated that the corroborative evidence found of these companies are suspected to be accommodation entries. He further held that on perusal of the bank statement, there are cr....
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....000 2070000 8 LOTUS REALCON (P) LTD 91487 14-10-2008 2600000 26000 2340000 9 VICTORIA SOFTWARE (P) LTD 120313 14-10-2008 2400000 24000 2160000 10 VIRGIN CAPITAL SERVICES (P) LTD., 13935 07-10-2008 2500000 25000 2250000 11 VIP LEASING & FINANCE (P) LTD 128087 07-10-2008 2500000 25000 2250000 12 SRI AMARNATH FINANCE LTD 265380 22-10-2008 2100000 21000 1890000 13 VAIRAVI ELECTRICAL (P) LTD., 420115 16-10-2008 2500000 25000 2250000 14 ALISHAN COMPLEX (P) LTD., 417500 13-10-2008 2500000 25000 2250000 15 CRM SYSTEMS (P) LTD 419979 16- 10- 2008 2500000 25000 2250000 16 MARUBHUMI FINANCE a DEVELOPERS (P) , LTD. 418140 13-10-2008 2500000 25000 2250000 17 MAHASHAKTI COMMODITIES P. LTD 420329 13-10-2008 2500000 25000 2250000 18 APOORVA LEASING FINANCE a INVESTMENT CO LTD., 16526 29-10-2008 3000000 30000 2700000 19 ALISHAN COMPLEX P. LTD 417633 15-10-2008 2500000 25000 2250000 20 SPARSH HOTEL (P) LTD., 418525 ....
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....utine, within four corners of law and was undertaken as per prescription of law and was governed by provisions of Companies Act. As a part of the deal, it was offered to the investing companies that at the end of the tenure of 3 years the same would be refunded to them at a premium of 25% with an option to repurchase at any time. However on account of change in the business plan of the investors and their inability to retain investment, negotiations were made with our company to refund the amounts already invested. These investing companies were asked to submit specific documents which included a request for purchase of shares, the share certificate in original, duly executed transfer deed, and pre receipts of the sums. However on account of disagreement regarding issue relating to amount to be refunded, and non submission of original share certificates the documents were kept pending and the investors were required to submit original share certificates as well as pre receipts for sums agreed between both the parties. These documents werereceived some time in the last week of June, 2009 and were kept pending for their final disposal as per provisions of law. Howev....
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.... (Del) 402 : (2011) 333 ITR 119 : (2011) 198 TAXMAN 402 : (2011) 51 DTR 74" 5.6 Perusal of the reply-of the assessee, the case laws relied upon, the documents filed in support of its contention and ail the other supporting documents filed during the course of assessment proceedings has been made and after verification of the same, it has emerged that the contentions of the assessee have no force at all owing to the following observations:- i) The corroborative evidences suspected to be accommodation entries were found and seized from the premises of the assessee company, are as per the following details; Sr.No Description of the documents Annexure No. 1. Memorandum and Articles of Association Annexure A-3; A-6, A-7, A-93 A10, A-11, A-12, A-13 & A-14 2. Bank statements -Do- 3. Blank share transfer forms -Do- 4 Blank special power of attorneys in original signed by the authorized signatory -Do- 5. Affidavits by Director of the concerned companies stating therein that their company has applied for equity shares of M/s Goel International Pvt. Ltd -Do- 6. Blank' receipts against the shares hel....
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....e assessee has stated the following:- "As apart of the deal, it was offered to the investing companies that at the end of the tenure of 3 years the same would be refunded to them at a premium of 25% with an option to repurchase at any time. However on account of change in the business plan of the investors and their inability to retain investment, negotiations were made with our company to refund the amounts already invested. These investing companies were asked to submit specific documents which included a request for purchase of shares, the share certificate in original, duly executed transfer deed, and pre receipts of the sums. However on account of disagreement regarding issue relating to amount to be refunded, and non submission of original share certificates the documents were kept pending and the investors were required to submit original share . certificates as well as pre receipts for sums agreed betweenboth the parties. These documents were received ,some time in the last week of June, 2009 and were kept pending for their final disposal as per provisions of law." The above submission cannot be accepted since if there was any deal between the assessee com....
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....es only exist on papers and such companies are bogus. 5.8 As regards assessee's contention that the addition on account of share capital can not be made in the hands of the assessee, in a recent judgement delivered by the Hon'ble Punjab & Haryana High Court in the case of M/s Power Drugs Ltd. Vs. CIT &Another, it has been adjudicated as under:- "Whether an addition is to be made in the hands of the company or individual assessee in such circumstances depends upon the facts of each case. The primary onus lies upon the assessee to establish that the assessee is not liable for addition u/s 68 of the Act as the amount in fact belongs to the persons who had applied and submitted share application money." But, in the case under consideration, the assessee has failed to discharge such onus. Hence, an amount of Rs. 5,30,00,000/- introduced by the assessee as share capital is treated as unexplained income of the assessee However, the assessee has disclosed Rs. 7.50 Cr on account of peak investment in Diaries as mentioned in para no 4.3 of this order whereas the actual peak works out to Rs. 7,20,41,208/- due to which there is a difference of Rs. 29, 58,792/....
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..... MARUBHUMI FINANCE AND DEVELOPERS (P) LTD 25,00,000/- 17 MAHASHAKTI COMMODITIES (P) LTD. 25,00,000/- 18. APPOORVA LEASING FINANCE AND INVESTMENT (P) LTD. 30,00,000/- 19. ALISHAN COMPLEX (P) LTD. 25,00,000/- 20. SPARSH HOTEL (P) LTD. 25,00,000/- 21 SATABADI JUTE (P) LTD. 25,00,000/- TOTAL 5,30,00,000/- 6.3.1 I am now drawn to para 5.1 of the impugned order wherein the AO has tabulated the documents found and seized from the residence of the Director Shri Vijay Goel. Sr.No. Description of the documents Annexure No. 1 Memorandum and Articles of Association Annexure A-3, A-6, A07, A-9, A-10, A-11, A-12, A13 & A-14 2 Bank Statements -do- 3 Bank share transfer forms -do- 4 Blank special power of attorneys in original signed by the authorized signatory -do- 5 Affidavits by director of the concerned companies stating therein that their company has applied for equity shares of M/s. Goel International Pvt. Ltd. -do- 6 Blank receipts against the share held by the company in M/s. Goel International Pvt. Ltd. Signed by the director of company -do- ....
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....as made by not including the same in the return filed, as assessee had stated in its letter dated 12.04.2010 in response to notice u/s. 153A that the revised return fixed on 30.10.2009 be treated as filed u/s. 153A. Further indication on the retractment was made in its submission dated 30.05.2011 only. Thus, in effect, the retractment made at such a later stage cannot be given any credence. It has been held in Manoharlal Kasturichand vs. ACIT (1997) 57 TTJ (Ahd) 639 and Param Anand Builders (P) Ltd. (1996) 56 TTJ (Mumbai) 21, that for retractment of statement, assessee should prove threat or coercion. Neither any such proof has been given nor can there be a threat or coercion when the surrender was made vide letter filed voluntarily by the assessee after 7 days of the search. The delay of almost two years in the explanation though without any evidentiary proof, for the retractment of statement further weakens the case of the assessee in view of the decision of Guwahati High court in the case of M/s. Greenview Restaurant vs. ACIT, 263 ITR 169." 5.3 However, the ld. CIT(A) while disposing of the appeal also sought remand report from the Assessing Officer, which is as under : ....
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....orative evidences supporting the above contention are as follows : a. Common Addressees of the companies It is seen from the seized documents that addresses of some of the companies which have invested in shares of Goel International Pvt. Ltd. are same such as Mani Mala Delhi Properties Pvt. Ltd, Lotus Realcon Pvt Ltd, Ad-Fin capital (India) Financial services and Eagle Infratech Pvt. Ltd. which is 209, Bhanot Plaza 3, D B Gupta Road, new Delhi -65. Similarly the addresses of Victory Software Pvt Ltd and Euro asia Pvt ltd are same which is 3198/15 4th floor gali No. 1 Sangatrashan, Paharganj New Delhi -55. Similarly addresses of Zenith Automotive Pvt. Ltd and Hum Turn mktg Pvt ltd have same addresses such as 106,Palco house T-10, Main Patel road, pate) Nagar New Delhi. iv) Addresses of the Directors of some of the Companies are the same. v) Serial no. of some of the stamp paper of selling shares is seen to be earlier than the serial no of purchase of shares such as in case of companies based in Kolkata it is seen from the seized documents that the stamp paper is dated 2009 whereas the contents of the stamp paper say that the document belongs to 2008. ....
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....e time of search itself in the statement u/s 132(4) of the Act Rather, the assessee chose to surrender the same vide its surrender letter dated 14.07.2009 which was also later on retracted by the assessee. vii) It is also seen from the ITR returns of the companies who have invested in the shares of the assessee company that none of the companies have actual turnover, but they have invested huge amounts implying that they are paper companies. viii) As discussed above , it is seen that the assessee company has introduced share capital/ share premium and reliance is placed on the Apex Court decision in CIT v/s Durga Prasad More 82 ITR 801 in which the Apex Court and Tribunal see the preponderance of probabilities while considering the evidences furnished by the assessee. ix) The case laws relied on by the assessee are not at all applicable inthe case of the assessee as the question in the instant case is not of assessment of introduction of share capital from certain companies but the question is of creditworthiness of share capital. Secondly, the facts of the case of Lovely Exports is different from that in the instant case since the company Lovely Exports ....
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.... applicable as the aid amendment is prospective in nature as held by Hon'ble Mumbai High Court in the case of Gagandeep Infrastructure Pvt Ltd. (2017) 80 Taxman.com 272 (Mum) (Copy enclosed). i). Followings documents were duly submitted before Ld AO as well as Ld CIT (A) during the course of assessment as well as appellate proceedings to prove the Identity, Genuineness and Creditworthiness of the transactions (Page No. 479 - 856 Volume 2 & 3 of Paper Book) & Response Received in compliance of Summon U/s 131: Page No. 870 -1069 Volume 4 of Paper Book). S.No. Name & Address to whom summons issued Documents submitted in response to summon directly to prove Identity, Genuineness & Creditworthiness of transactions 1 Eagle Infratech Pvt. Ltd., 209, Bhanot Plaza, 3, D.B.Gupta Road, New Delhi-110055. a) Identity: -Summon duly served in said address -Copy of ITR for A.Y.2009-10 -Copy of Bank statement -Copy of Memorandum b) Genuineness of transactions:- -Bank statement showing that payment through account payee cheques. -No cash deposited in bank to make payment -Confirmation confirming the tran....
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.... company. -Copy of ITR -Copy of Assessment Order U/s 143(3) 5 HUM TUM Marketing Pvt. Ltd., 106, Palco House, T-10, Main Patel Road, Patel Nagar, New Delhi-110008. a) Identity: -Summon duly served in said address -Copy of ITR for A.Y.2009-10 -Copy of Bank statement Copy of Memorandum b) Genuineness of transactions:- -Bank statement showing that payment through account payee cheques. -No cash deposited in bank to make payment -Confirmation confirming the transactions c) Creditworthiness: -Copy of Bank statement showing source of payment. -No cash deposited in bank to make payment. -Copy of Audited Balance Sheet on 31.03.2009 showing Net Worth of company. -Copy of ITR -Copy of Assessment Order U/s 143(3) 6 Mani Mala Delhi Promoters Pvt. Ltd., 209, Bhanot Plaza, 3, D.B.Gupta Road, New Delhi-110055. a) Identity: -Summon duly served in said address -Copy of ITR for A.Y.2009-10 -Copy of Bank statement b) Genuineness of transactions:- -Bank statement showing that payment through account pa....
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....opy of Audited Balance Sheet on 31.03.2009 showing Net Worth of company. -Copy of ITR -Copy of Assessment Order U/s 143(3) 10 Zenith Automotive Pvt. Ltd. , 106, Palco House, T-10, Main Patel Road, Patel Nagar, New Delhi110008. a) Identity: -Summon duly served in said address -Copy of ITR for A.Y.2009-10 -Copy of Bank statement Copy of Memorandum b) Genuineness of transactions:- -Bank statement showing that payment through account payee cheques. -No cash deposited in bank to make payment -Confirmation confirming the transactions c) Creditworthiness: -Copy of Bank statement showing source of payment. -No cash deposited in bank to make payment. -Copy of Audited Balance Sheet on 31.03.2009 showing Net Worth of company. -Copy of ITR 11 Virgin Capital Services Pvt. Ltd., 106, Palco House, T-10, Main Patel Road, Patel Nagar, New Delhi-110008. a) Identity: -Summon duly served in said address - Copy of ITR for A.Y.2009-10 -Copy of Bank statement b) Genuineness of transactions:- -Bank statement showing that payment th....
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....c requirement for making addition U/s 68 as held by Hon'ble Delhi High Court in the case of Value Capital Services Pvt. Ltd. 307 ITR 334 (Del) (Copy enclosed) iv). Further, all the share applicant company has sufficient Net Worth i.e. substantial means to subscribe to the share capital of the appellant company (Page No. 1070 - 1072, Volume 4 of Paper Book). It is held by Hon'ble Delhi High Court in the case of Goodview Trading Pvt. Ltd. (2017)(77 taxmann.com 204)(Del) (Copy enclosed) wherein it is held that "Where Commissioner (A) analyzing Net Worth of share applicant companies noticed that they possessed substantial means to invest in assessee investment company, no addition could be made U/s 68". v). There is not an iota of evidence with Ld AO either in the form of any tangible evidence or statement of any share applicant or any other person to doubt the genuineness of share capital raised. As such, the ratio of case laws relied upon by Ld AO and Ld CIT(A) including the case of Nova Promoters Pvt. Ltd. is not applicable to the facts of the case of appellant. vi). It is held by Hon'ble Delhi High Court in the case of Five Vision Promoters Pv....
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.... confirmed by the ld. CIT(A) are merely based on conjectures and surmises. Details of Net Worth & Turnover of Investee company as on 31.03.2009 & 31.03.2008 (A .Y. 2009-10) S. N. Name & Address of subscriber Assessment PAN No. Asstt. Particulars Ward/Circle and place of assessment Net worth of Subscriber Company as on 31.03.2009 Net worth of Subscriber Company as on 31.03.2008 Turnover of subscriber company as on 31.03.09 Turnover of subscriber company as on 31.03.08 Share capital Reserves & Surplus Share capital Reserves & Surplus Turnover Turnover 1. M/s. Shalini Holdings Limited, 209, 2nd Floor, 6/41, Sunder Kiran, Building, W.E.A. Karol Bagh, New Delhi-110005 AAACS0913M 8(1) 127,480,000 1,121,250,000 127,480,000 1,121,250,000 835,612 609,995 TOTAL 1,248,730,00 0 1,248,730,00 0 835,612 609,995 2 Euro Asia Mercantile Pvt. Limited, 3198/15, Gali nNo. 1, 4th Floor, Sangatrashan Pahar Ganj, Delhi-110005 AABCE7522P 11(2) 48,200,000 432,942,084 48,200,000 432,920,676 559,330 328....
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....pital Services Pvt. Ltd., T-10, Main Patel Road, Patel Nagar, New Delhi-110008 AAACV3093R 17(4) 19,788,120 160,560,000 19,788,120 160,560,000 513,530 300,070 11 . VIP Leasing & Finance Pvt. Ltd. AAACV0475F 17(1) 19,354,900 152,100,000 19,354,900 152,100,000 499,136 319,088 TOTAL 171,454,900 171,454,900 499,136 319,088 12. Sri Amarnath Finance Limited, 22, Rajindra Park, New Delhi- 110060 AAACS2837A 9(2) 99,800,000 450,115,085 99,800,000 450,009,280 46,895,819 36,500 TOTAL 549,915,085 549,809,280 46,895,819 36,500 13. Vairavi Electrical Pvt. Limited, 28, Grant Lane, Kolkata, West Bengal-700012 AABCV9021C 1(3) 2,050,000 17,567,570 299000161 TOTAL 19,617,570 299000161 14. Alishan Complex Pvt. Ltd. AAFCA2673K 9(1) 10,050,000 89,550,000 27,790 TOTAL &nbs....
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....ve been any discrepancy in the addresses, summons could not have been received by these parties. He further stated that all the summons were duly complied with by the investor companies by providing necessary details, which is not disputed by the lower authorities. 6.4 He further stated that the assessee has submitted complete bank accounts of the parties. However, the Assessing Officer could not point out a single instance wherein the cash is deposited in the account of those companies. 6.5 He further stated that merely because some of the companies have same addresses, cannot be the reason for making the addition. He further stated that merely because they have common directors also do not go against the assessee. 6.6 He further stated that the allegation of the Assessing Officer with respect to the stamp papers does not deserve any credence for the reason that there is no transaction of purchase and sale of shares. 6.7 He further stated that the details of the documents found have been explained by the assessee that as the assessee had promised them to invest into the shares of the company which would be later on bought back @ 25% higher premium than whatever is paid....
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....uded on 08.07.2009. Admittedly, the assessee or any of its directors did not make any statement u/s. 132(4) of the IT Act. On 07.07.2009, a letter was addressed by Shri Vijay Goel to the Additional Director of Income Tax (Inv.), surrendering a sum of Rs. 27 crores. Further, on 14.07.2009, the assessee submitted a letter giving bifurcation of the above sum. The assessee time to time has submitted even during the course of search as well as post search enquiries that the documents shall be explained in detail during the course of assessment proceedings. Admittedly, during the year, the assessee has issued a share capital of face value of Rs. 5.30 crores at a premium of Rs. 4.77 lacs to 21 companies. The share considerations have been received by cheques in the month of October, 2008 from the bank account of all these companies. During the course of assessment proceedings, the assessee submitted the confirmations, copy of income-tax returns, copy of memorandum, bank statement, copy of audited balance sheets of all these companies. The summons were issued to all the companies, which were duly received and were complied with by the investors. By submission of the above details, the asse....
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.... investment has been made by those companies. These affidavits were not found either bogus, sworn by different persons other than the directors of the companies nor disclosed anything else other than that declared in the accounts of the companies and these affidavits are, in fact, supporting the transactions. If the Assessing Officer had any doubt on the affidavits, he should have either called on the persons who have sworn such affidavits or the Notaries who have notarized such affidavits. Even otherwise, what is stated in the books of investor companies has been stated by the directors of these companies on affidavit. We do not find any reason that merely because the directors of the depositor companies have prepared affidavit, it becomes an accommodation entry. Most of the times, to establish cash credits, even the Revenue is asking for the affidavits of the depositors. Therefore, on the basis of the affidavits, no adverse inference could be drawn. 9.4 Furthermore, three blank documents were found with respect to these companies. These are blank share transfer forms, special power of attorney signed by the authorized signatories and blank receipts against the shares. All t....
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....tainable in the hands of the assessee due to lack of enquiry or any efforts on the part of the AO. In this regard, we are also constrained to refer the amendment made to the provisions of section 68 of the IT Act by Finance Act, 2012 by inserting a proviso w.e.f. 01.04.2013 that additional burden has been cast on the assessee to prove in the similar circumstances, if no explanation is offered by the investor or such explanation offered by the investor is not satisfactory. However, our hands are tied, as the impugned assessment years before us are assessment years 2007-08 to 2009-10. It is also not argued before us that this proviso is retrospective in nature. Therefore, it is apparent that prior to assessment year 2013-14, the onus of explaining the transaction cannot be expanded in the hands of the assessee. Further several judicial precedents also supports the case of the assessee:- i. Honourabel Delhi High court in case of [2017] 397 ITR 106Pr. Commissioner of Income Tax-5 Versus Laxman Industrial Resources Ltd. ITA 169/2017, C.M. APPL.7385/2017 Dated: - 14 March 2017 has held that "This Court notices that the assessee had provided several documents that ....
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.... statement made by the individual styled as director, disowning the investment made in the assessee-company by M/s. Creative Financial Services Pvt. Ltd. 9. This court is of the opinion that the lone circumstance of a director disowning the document per se could not have constituted a fresh material to reject the documentary evidence. In this case, the existence of the company as an Income-tax assessee, and that it had furnished audited accounts is not in dispute. Furthermore, its bank details too were furnished to the Assessing Officer. If the Assessing Officer were to conduct his task diligently, he ought to have at least sought the material by way of bank statements, etc., to discern whether in fact the amounts were infused into the shareholder's account in cash at any point of time or that the amount of Rs. 1.3 crores âEUR" in the case of M/s. Creative Financial Services Pvt. Ltd. and Rs. 3.7 crores in the case of other share applicants were such as to be beyond their means. In the absence of any such enquiry, the court is of the opinion that the findings holding that the assessee had not discharged the onus placed upon it by law cannot be considered....
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....on of Hon'ble Madhya Pradesh High Court in the case of CIT vs. Peoples General Hospital Ltd., (2013) 356 ITR 65, in which it was held as under : "Dismissing the appeals, that if the assessee had received subscriptions to the public or rights issue through banking channels and furnished complete details of the shareholders, no addition could be made under section 68 of the Income-tax Act, 1961, in the absence of any positive material or evidence to indicate that the shareholders were benamidars or fictitious persons or that any part of the share capital represented the company's own income from undisclosed sources. It was nobody's case that the non-resident Indian company was a bogus or non-existent company or that the amount subscribed by the company by way of share subscription was in fact the money of the assessee. The assessee had established the identity of the investor who had provided the share subscription and that the transaction was genuine. Though the assessee's contention was that the creditworthiness of the creditor was also established, in this case, the establishment of the identity of the investor alone was to be seen. Thus, the addition was righ....
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.... Court: Held, dismissing the appeals, that the deletion of addition was justified." x. Decision of Hon'ble Delhi High Court in the case of CIT vs. Winstral Petrochemicals P. Ltd., 330 ITR 603, in which it was held as under : "Dismissing the appeal, that it had not been disputed that the share application money was received by the assessee-company by way of account payee cheques, through normal banking channels. Admittedly, copies of application for allotment of shares were also provided to the Assessing Officer. Since the applicant companies were duly incorporated, were issued PAN cards and had bank accounts from which money was transferred to the assessee by way of account payee cheques, they could not be said to be non-existent, even if they, after submitting the share applications had changed their addresses or had stopped functioning. Therefore, the Commissioner (Appeals) and the Tribunal were justified in holding that the genuineness of the transactions had been duly established by the assessee." xi. Decision of Hon'ble Delhi High Court in the case of CIT vs. Value Capital Services Pvt. Ltd., (2008) 307 ITR 334 (Del.) (HC), in which it was held as un....
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....ct to addition of Rs. 5,70,000/- on account of excess money paid towards purchase of agricultural land. The Assessing Officer has treated this amount as undisclosed income of the assessee. Apart from ground No. 2, challenging the above addition, the assessee has also taken an alternate ground No.4 agitating that the ld. Authorities below are not justified in not giving credit of surplus amount of surrendered income of Rs. 29,58,792/- against addition of Rs. 5,70,000/- made on account of excess money paid towards purchase of agriculture land. The ld. AR of the assessee has laid much emphasis on the alternate ground of appeal. The ld. DR, on the other hand, has reiterated the findings reached by ld. Authorities below. 12. We have heard the submissions of both the parties and have gone through the entire material available on record. Admittedly, the assessee surrendered a sum of Rs. 7,50,00,000/- on account of peak investment of diaries seized during the course of search, which stood accepted by the Revenue authorities as business income of assessee. It is also an admitted fact that the actual peak amount worked out to Rs. 7,20,41,208/-. Therefore, the surplus amount of Rs. 29,58,7....