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TMI Blog2011 (5) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... he true and correct interpretation of the provisions of s. 145 the findings are sustainable for charging the income from undisclosed sources under Chapter VI without discharging the Departmental onus to prove the source of such other income ? (ii)Whether the Tribunal's order is sustainable for the additions made to the income of the assessee as income from other undisclosed sources can be considered as income from the business which is eligible for deduction under s. 80-IB of the Act, 1961 ?" 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the assessee-firm that came to be formed in the year 1992 is exclusively engaged in manufacturing and export of textiles goods and all the partners of the firm are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gujarat High Court in CIT v. Suman Paper & Boards Ltd. (2009) 18 DTR (Guj) 297 and of Himachal Pradesh High Court in CIT v. Allied Industries (2009) 31 DTR (HP) 323. 6. We have given our thoughtful consideration to the submissions made by the counsel for the assessee but are not impressed with the same. A similar argument raised before the Tribunal was repelled with the following observations : "11. We have considered the rival contentions, deliberated upon the various case laws cited by learned Authorised Representative and towards which our attention was diverted with reference to the factual matrix of instant case. From the record, we found that during the course of survey, excess stock was found on physical verification, while surrend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income as per books of account. Advance tax on the additional income was also proposed to be deposited vide post-dated cheques. Since in the letter itself the assessee has accepted that this additional income was over and above the regular income as per books of account, the regular income which is arising out of industrial undertaking can only be subject to deduction under s. 80-IB and no other income surrendered on account of additional stock found during the course of survey can be considered for deduction under s. 80-IB. More particularly, in view of the decision of Hon'ble Supreme Court in the case of Liberty India (supra) wherein even the income from DEPB and duty drawback which are received by the industrial undertaking as an incenti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IB of the Act in respect of excess income surrendered during survey on account of excess stock which was not reflected in the regular books of accounts. Learned counsel for the assessee was unable to show any perversity or illegality in the findings which may warrant interference by this Court. 8. So far as the judgments relied upon by the counsel are concerned, suffice it to notice that in those cases a finding came to be recorded that the income which was unaccounted in the books of accounts was the result of business activities and, therefore, the said income of the assessee was deductible under s. 80-IB of the Act. The judgments relied upon, therefore, being on different facts do not advance the case of the assessee. No substantial que ..... X X X X Extracts X X X X X X X X Extracts X X X X
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