|The Tax Publishers2020 TaxPub(DT) 5403 (Pune-Trib)
INCOME TAX ACT, 1961
Since there was evidence against the assessee in earning the additional income which was offered by him as errors and omissions and the arguments of that without there being any adverse material, the addition made by the AO was invalid, was not acceptable.
Survey - Addition to income - Addition on basis of loose papers impounded -
Assessee was engaged in the business of builders and developers. A survey action was conducted in the business premises of assessee. According to AO, assessee declared additional income on the basis of notings made on loose papers during the survey action. Thus, assessee was not justified in offering a said amount towards errors and omissions. Held: In the certain proceedings the survey team impounded evidence against the assessee and on such confrontation the assessee himself on oath conceded that the above said amounts are not recorded in the regular books of account and not declared by the Income Tax Department which constitutes on additional income. Further, it was also noted there was evidence against the assessee in earning the said additional income and the arguments of that without there being any adverse material the addition made by the AO was invalid, was not acceptable.
FAVOUR : Against the assessee.
A.Y. : 2013-14
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