ITA No. 927/Ahd/2024

Parties Involved

Facts Summary

The assessee is engaged in the business of Real Estate Development and Constructions of residential/commercial complexes. The total turnover of the assessee was Rs. 4.11 crores and other income of Rs. 73,17,252/- has been credited to P&L A/c. The net profit declared by the assessee was Rs. 1,02,83,800/-. During the survey conducted under Section 133A of the Act, the assessee admitted undisclosed income to the tune of Rs. 2,72,12,500/-, whereas in the return of income the assessee has disclosed Rs. 72,12,500/- as undisclosed income. Since the undisclosed income of remaining Rs. 2 crores has not been offered to tax in the return of income, the Assessing Officer, based on the statements recorded during the survey, made addition of Rs. 2 crores to the total income.…

Legal Issues

• 1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in directing the Assessing Officer to delete the addition made of Rs.2,00,00,000/- being unaccounted income disclosed during the survey in the statement recorded on oath without appreciating the fact that admission of undisclosed income by the assessee is based on the evidences gathered during the course of survey proceedings?
• 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in directing the Assessing Officer to delete the addition made of Rs.2,00,00,000/- being unaccounted income disclosed during the survey in the statement recorded on oath without appreciating the fact the retraction from the disclosure while filing return of income is without any corroborative material?

Judgment Outcome

Decided in favour of Revenue.

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