TaxTMI 
TaxTMI 
2023 (8) TMI 1062
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....come Tax (Appeals) - V, has erred in upholding the contention of the Assessing Officer by treating the Surrendered Business Income of Rs. 30,00,000 under the head Building as Deemed Income u/s 69 of the Income Tax Act, 1961. 2. That the Worthy Commissioner of Income Tax (Appeals) - V, has erred in upholding the contention of Assessing Officer by not allowing depreciation claim on the said Building. 3. That the Worthy Commissioner of Income Tax (Appeals) - V, has erred in upholding an addition of Rs. 2,11,600 on account of addition in the value of Building based on the valuation report of the Department valuer. 4. That the Worthy Commissioner of Income Tax (Appeals) - V, has erred in upholding the action of the Assessing Officer by ....
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....2017, the contents of which are reproduced as under : To The Additional Commissioner of Income Tax, Range-6, Ludhiana. Sub : Survey at the premises of Dr. Jaspreet Singh (under Section. 133A). Dear Sir, It is submitted that I am veterinary Doctor doing private practice. My premises at Sarabha Nagar and Passi Chowk, Sua Road were surveyed by Income Tax deptt. On 4/10/2017. I am a good Doctor but I am bad in maintenance of records and books of account. I receive my fees and sale proceeds in cash. The possibility of these business/professional receipts remaining untaxed cannot be ruled out. The building at passi chowk, sua road, has been build from business/professional receipts only as I have no other source of income. ....
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....had received any other unexplained income. The aforesaid surrender has been made just on estimation basis that the assessee might have received from professional receipts which might not have been accounted for. The Central Board of Direct Taxes has also issued instructions that the Income Tax Authorities at the time of survey/search action should not harp upon taking surrender/confession statements, rather they should collect the evidences relevant to unaccounted/unexplained income and that the additions should not be based merely on by obtaining surrender statements. However, in this case, the surrender statement has been obtained and there is no evidence nor any allegation of the Survey Party that the assessee had income from any other ....