Income Tax Act, 1961

--Assessment--Admission at time of survey whether conclusive proof--During the course of survey initiated under section 133A in premises of assessee-firm one of partners surrendered excess stock calculated by survey official by preparing provisional trading account. Further, excess cash found was also admitted as income. Subsequently, assessee contended that alleged stock was not correct and true which was computed accordingly to provisional trading account and also excess cash was not income of assessee-firm but was already shown by one of partners in his return of income. Held: Acceptable. Since the figures of sales and purchases were based on factual figures, therefore, it is a case of factual mistake committed by Survey party as well as by assessing officer, which has been rightly corrected by Commissioner (Appeals). Thus, assessee on the basis of seized material itself has been able to show that the admission made at the time of survey, surrendering the additional income on account of excess stock and were cash not correct and did not show correct state of facts. Commissioner (Appeals) correctly, on the basis of the material on record, deleted the substantial addition.