9911796707
TMI Blog2023 (4) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... addition of Rs.23,00,0001- on account of declaration in IDS on the ground that the assessee was not eligible for declaring Rs.23,00,0001- in IDS, 2016 and appellant failed to provide explanation for source of said income disregarding the submissions given by the appellant. 2. The learned CIT(A) while confirming the addition Rs.23,00,0001- further erred in not appreciating the fact that the appellant had filed the revised statement incorporating the additional income before the DDIT(Inv.) and paid the taxes along with interest on 19.01.2015 which itself proves the bonafide intention and mistake of the appellant of not disclosing the business income without any malafide intention to evade tax liability. 3. The learned CIT(A) has further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id pandemic. Considering these facts, we condone the delay and the matter is heard on merits. 3. The relevant facts are that the the assessee individual filed his return of income for A.Y.2012-13 on 29-03-2014 declaring total income of Rs.52,85,999/-. The returned income comprised of business income on account of remuneration and interest received from partnership firm wherein the assessee is a partner. In the case of Lokmanya Multipurpose Co-operative Society Limited, a search action u/s 132 of the I T Act, 1961 (hereinafter referred to as the "Act") was conducted by the Investigating Wing of Income Tax Department, Panjim. During the course of investigation, it was noticed that there is a huge cash deposit in the savings account of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cepted by the ld. A.O and he observed that it was detected by the Investigation Wing, Panjim during the course of search proceedings in the case of Lokmanya Multipurpose Cooperative Society Ltd. on 23-09-2014 that the assessee had deposited huge cash in his bank account. The assessee admitted that he had deposited cash in his Savings Bank account with Lokmanya Multipurpose Co-operative Society Ltd. The assessee had also admitted before the Investigating authority that the said cash deposit was not revealed by him in his regular books of accounts relevant to A.Y. 2012-13 and not disclosed also in his return of income filed by him. Thus, it is seen that the assessee admitted that the said amount of Rs. 23,00,000/- as his undisclosed income wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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