9911796707
TMI Blog2014 (5) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... of Raj Traders. A survey under section 133A of the Act was carried out on 19.01.2007 at the business premises of the Assessee. During the course of survey, statement of the Assessee was recorded wherein the Assessee voluntarily offered Rs. 35 lacs as income and also gave post dated cheques towards the payment of tax. Later on, Assessee filed return of income for A.Y. 07-08 on 02.1.2007 declaring total income at Rs. 30,79,643/-. A.O. was of the view that the income admitted during the course of survey by the Assessee was not offered as income in the return filed for A.Y. 07-08. The submission of the Assessee that the income declared was estimate of his income for the entire assessment year 07-08 and not the additional income was not accepte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t it is also true that if the statement is recorded under duress or pressure then such a statement should be retracted or drawn immediately after the survey proceedings. From the conduct of the assessee it is clear that assessee had not only made the statement but had not retracted it for almost 10 months before the filing of income tax returns. The argument of the appellant that cheques of Rs. 3.5 lakh were given towards advance tax payment also does not hold any ground, because the assessee has shown total income of Rs. 30.79 lakh and the taxes are paid much more than 10.5 lakh for which the cheques were issued. The total prepaid taxes are Rs. 12.5 lakh and not 10.5 lakh. In any case during the course of survey, an estimate of total incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the delay has been sufficiently explained in the affidavit supporting the application for condonation of delay and thus the delay is condoned. 6. On merits, before us the ld. A.R. submitted that during the course of survey, the Assessee had estimated the income of Rs. 35 lacs for the entire financial year and had also paid the advance tax on the basis of estimate. He pointed to the statement recorded under section 133A of the Act to the relevant question and answer which were placed at page 10 of the paper book. He further submitted that the Assessee in the return of income had admitted to the gross income of Rs. 32,49,328/-. Before us, the ld. A.R. fairly submitted that against the admitted income of Rs. 35 lacs at the time of survey, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
