TaxTMI 
TaxTMI 
1996 (9) TMI 162
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....f the assessee under section 132(4) was recorded and during the course of this statement, the assessee made a disclosure of Rs. 7 lakhs as follows : Rs. Unaccounted investment in house property 4,00,000 Unaccounted cash 1,00,000 Unaccounted investment in furniture 1,00,000 Unaccounted investment in gold ornaments 1,00,000 Total 7,00,000 Later on, in January 1989, the assessee retracted from the disclosure and stated that the disclosure of Rs. 50,000 only was acceptable to him. It was submitted before the Assessing Officer that the disclosure of Rs. 7 lacs was made under pressure and coercion and that no note should be taken for it while completing the assessm....
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....ment cannot help the appellant. Moreover, it is also relevant to note that the appellant has made the disclosure of Rs. 7 lacs under specific heads. It is relevant to note that the facts which are voluntarily admitted by the assessee need no further proof. Considering the facts and circumstances discussed in detail in the impugned assessment order, the Assessing Officer's action in making the addition of Rs. 7 lacs representing the unaccounted investment in house property (Rs. 4 lacs), unaccounted cash (Rs. 1 lac), unaccounted investment in furniture (Rs. 1 lac) and unaccounted investment in gold ornaments (Rs. 1 lac) stands confirmed. Thus, all the additions aggregating to Rs. 7 lacs stand confirmed. " 4. Shri R.N. Vepari, the learn....
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....044. He further submitted that there was no justification in making the addition of Rs. 1 lac in respect of unaccounted investment in furniture and fixture on the upper floor when there was no basis for such addition. He further submitted that there was no justification for making addition of Rs. 1 lac in respect of gold ornaments when there was no justification for such addition and when the entire amount was explained. Similarly, there was no justification for making the addition of Rs. 1 lac on account of unaccounted cash. The learned counsel, therefore, prayed for the deletion of the impugned additions of Rs. 7 lacs. 5. Shri. R.K. Gupta, the learned DR strongly supported the orders of the authorities below. He submitted that the asse....
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....a property. But in the instant case when during the course of search, cash of Rs. 1 lac was recovered from the residence of the assessee; unexplained gold ornaments were also found; articles of furniture packed in bundles were found and it was discovered that the assessee had constructed first floor of the house property and for the cost incurred thereon, the assessee had no satisfactory explanation, the assessee came forward with a voluntary disclosure of Rs. 7 lacs under four different heads enumerated supra. Thus it was not for the fun of it that the assessee came forward with a disclosure of Rs. 7 lacs. Further, there is nothing on record that the said disclosure was made by the assessee under duress, pressure and/or coercion. The retra....