The Tax Publishers2020 TaxPub(DT) 0170 (Ind-Trib)

INCOME TAX ACT, 1961

Section 133A

Where AO made addition on account of difference in amount surrendered during survey and the income offered for tax while filing return, part addition was deleted because amount pertained to another assessment year, therefore, said amount was required to be added in that year. Remaining addition was sustained, as assessee could not produce supporting evidence.

Survey under section 133A - Validity of addition made - Difference in amount surrendered during survey and the income offered for tax while filing return -

Assessee challenged order of CIT(A) confirming addition towards difference in amount surrendered during survey and the income offered for tax while filing return of income. Case of assessee that such differential amount of Rs. 3,78,150 was retracted before filing of return with proper explanation. According to assessee difference represented amount due from debtors appearing in list found during survey, which was related to previous financial year relevant to assessment year. Held: As gone through evidence filed by assessee, the amount was retracted even before filing of return of income. In respect of amount of Rs. 1,58,600, assessee demonstrated that amount was given during another assessment year, therefore, said amount was required to be added in that year. AO was directed accordingly. Regarding the amount of Rs. 1,19,550, it was stated that amount outstanding was received back before the date of survey. However, no supporting evidence was filed. Therefore, addition was sustained. Regarding amount of Rs. 1 lakh, it was contended that land was jointly owned by two persons, therefore, addition should have been restricted to Rs. 1 lakh. Therefore, AO was directed to delete addition.

REFERRED :

FAVOUR : Partly in assessee's favour

A.Y. :

INCOME TAX ACT, 1961

Section 68

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