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ITAT confirms addition of Income offered for Taxation during Survey by Assessee which was not retracted
Case Law Details
- Case Name
- Apex Realities Vs ITO (ITAT Indore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Indore
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Apex Realities Vs ITO (ITAT Indore)
We find that during the course of survey, it was found that assessee had made the cash payment of Rs. 70,00,000/- to the land owners against the purchase of their land. The date of registry was 22/01/2015 and during the course of survey, it was found that there was no cash available on 22/01/2015. A statement of Shri R. C. Mittal, Partner of the Firm was recorded wherein Shri R. C.Mittal admitted an additional income of Rs. 70,00,000/- on this account. During assessment proceedings, a detailed questionnaire was issued u/s 142(1) of the I.T. Act to the assess...
