9911796707
TMI Blog2013 (3) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 10 lakhs as undisclosed income, which was surrendered at the time of search. - held that:- It is not the case of the appellant that the surrender of Rs. 10 lakhs as undisclosed income was obtained by the departmental authorities under coercion or any threat. It was voluntary and therefore, the retraction made after almost four years appears to be an afterthought, which had rightly been disbe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Whether on the facts and in the circumstances of the case, the ITAT was justified in sustaining addition of Rs. 10,00,000/- solely on the basis of statement recorded at the time search and without any other material to correlate the undisclosed income with such surrender; whereas the CBDT has issued instruction wherein the investigating authorities were directed to desist from the practice of ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e A.O. must frame assessment on the basis of evidences/particulars produced by the assessee? Briefly stated, the facts giving rise to the present appeal are as follows: - The appeal relates to the Block Period 1.4.1988 to 14.5.1998. The appellant is carrying on business in the name and style of M/s. Kanak Enterprises. In it's individual capacity, it deals in Sanjog Pan Masala Gutka, Sir Bran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch operation was over and the amount of cash-in-hand was much more than Rs. 10 lakhs and therefore, it cannot be treated as undisclosed income. The Revenue, feeling aggrieved, preferred an appeal before the Tribunal. The Tribunal vide the impugned order has held that after almost four years, retraction has been made which cannot be said to be bonafide and therefore, the Assessing Officer was j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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