9911796707
TMI Blog2003 (10) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... opinion that the addition made by the AO should be considered on merits rather than the surrender made by the assessee in the search proceedings. Coming to the merits of the addition, it is seen that the assessee has been able to substantiate that the difference as found out is the result of rate difference and this fact has not been refuted either by the AO or by the CIT(A) who have gone only on the sole ground of surrender made during the search proceedings. Therefore, I do not find any justification in making the addition, which is directed to be deleted. As a result, the appeal of the assessee gets accepted. - HON'BLE U.B.S. BEDI, J.M. For the Appellant : U.C. Jain, Adv. For the Respondent : T.R. Chawla, Adv. ORDER: U.B.S. Bedi, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the course of assessment proceedings, assessee took U-turn and backed out of the surrender for the reason that all the entries were fully explained and that the amount for addition if any will be negative. The AO however, rejected the contentions of the assessee and made the addition on the basis of surrender. On appeal, the CIT(A) vide order dt. 11th Feb., 1994, restored the issue to the file of the AO for examination and consideration of the submissions. It was held by the CIT(A) that since the assessee is going back on the surrender, the contentions of the assessee call for detailed investigation. The AO remade the assessment on this issue. According to him, even opportunity was allowed to explain the entries recorded on the papers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the item of addition and on the basis of evidence produced addition should not be made. It was thus pleaded that since this is a case of rate difference which has been explained by the assessee, therefore, there was no occasion for the AO to make the addition and the CIT(A) is unjustified in confirming the action of the AO. It was thus pleaded for deletion of the impugned addition. 7. The learned Departmental Representative while relying upon the orders of the authorities below has pleaded that it was not voluntary act on the part of the assessee to surrender the amount of Rs 33,480 as he was unable to explain or link the same with the regular books of accounts found at the time of search. Therefore, the authorities below were justified in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
