9911796707
TMI Blog2023 (10) TMI 691X X X X Extracts X X X X X X X X Extracts X X X X ..... letter together, the sum and substance of the entire conversation would be that the assessee had offered the said amount of Rs. 70 lacs as his additional professional income. There is no case of the Department that the assessee has any other source of income. AO during the assessment proceedings, had made adequate enquiries in this respect and accepted the explanation offered by the assessee. We, therefore, do not find any justification on the part of PCIT in holding the assessment order as erroneous and prejudicial to the interests of the Revenue. The exercise of revisionary jurisdiction u/s 263 of the Act, in this case is held to be not justified and therefore, the revision order passed u/s 263 of the Act is hereby quashed. Appeal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unexplained investment in the construction Rs. 25.00.000/- Total Rs. 70,00,000/- 4. The assessee surrendered the aforesaid amount vide his letter dated 26.09.2016 i.e. at the time of survey only as his additional income and further claimed that the said income has been derived from the same business/profession. Thereafter, the assessment proceedings were carried out u/s 143(3) of the Act whereupon the AO raised certain queries relating to the professional income of the assessee, also including the additional income offered by the assessee on account of discrepancies found during the survey action. Thereafter, the AO accepted the source of the surrende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso relied upon page 60-61 to submit that a Show Cause Notice was also issued by the AO to the assessee to furnish his accounts and documents and queries were also raised relating to documents/discrepancies found during the survey action which were duly replied by the assessee. 7. The ld. DR, on the other hand has relied upon the statement recorded of the assessee during the survey action to submit that the assessee during his statement, though offered the aforesaid amount of Rs. 70 lacs for taxation, however, the assessee during the course of statement, had stated that at that time, he was unable to explain the source of the cash found of Rs. 9,30,000/- and further, the unaccounted entries of the amount of Rs. 37,50,000/- and unaccounte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this sum as over and above his normal business/professional income recorded in the books of account. We find that the statement of the assessee as well as the said surrender letter of the assessee, are of the same date i.e. 26.09.2016, therefore, it cannot be said that the said letter issued by the assessee is an after-thought. Rather, if we read both the statement as well as letter together, the sum and substance of the entire conversation would be that the assessee had offered the said amount of Rs. 70 lacs as his additional professional income. There is no case of the Department that the assessee has any other source of income. Moreover, the AO during the assessment proceedings, had made adequate enquiries in this respect and accepted th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
