IN THE ITAT CHANDIGARH BENCH ‘A’
Liberty Plywood (P.) Ltd.
Versus
Assistant Commissioner of Income-tax
IT APPEAL NO. 727 (CHD.) OF 2012
[ASSESSMENT YEAR 2005-06]
DECEMBER 17, 2012
ORDER
T.R. Sood, Accountant Member
This appeal is directed against the order passed by the ld. CIT(A), Panchkula dated 1.5.2012.
2. In this appeal the assessee has raised the following grounds:
“1 That the ld. CIT(A) has erred in law and facts in confirming the tax ability of income surrendered during survey u/s 133A of Income-tax Act, 1961 as deemed income as per the following details:
| Unaccounted cash found and surrendered u/s 69A | Rs. 50,00,000/- |
| Unaccounted investments surrendered u/s 69B | Rs. 75,000/- |
| Unaccounted expenditure Surrendered u/s 69C | Rs. 12,50,000/- |
| Total surrendered income | Rs. 70,00,000/- |
2. That the ld. CIT(A) Panchkula has erred in law and facts of the case in confirming the set off of dis allowance made of unabsorbed depreciation by the Assessing Officer against the surrendered income.”
3. Brief facts of the case are that originally the assessee had filed return of income declaring income of Rs. 17,26,270/-. A survey was conducted in the premises of the assessee on 4.3.2005 and an additional income of Rs. 70,00,000/- was surrendered. Bi-furcation of the surrender income is as under:
