Case Law Details
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 assessee on 13.11.2017. The assessee submitted vide reply dated 08.12.2017 that during post survey proceedings, a sum of Rs.70 lakhs was offered and tax due thereon has already been paid and challan already submitted. We find that having discussed facts and circumstances in the light of the judicial pronouncements (supra), Id. CIT(A) discussed the evidentiary value as per Indian Evidence Act and reached to the conclusion that no retraction communicating to the Revenue Authorities was made and it is also evident from the record available that no threat or coercion had been exerted during the confession statement of the assessee. Even before us, the finding of the Id. CIT(A) could not be controverted by the Id. CIT(A) by bringing any contrary material on record, thus, we are in agreement with the Id. CIT(A) in observing that the evidence of testimony cannot be wiped out and does not become non-existent and therefore, this evidence can well be utilized to frame the assessment. Accordingly, we do not find any reason to interfere with the findings of the Id. CIT(A). Hence, the findings recorded by the Id. CIT(A) are confirmed.
FULL TEXT OF THE ORDER OF ITAT INDORE
The above captioned appeals filed at the instance of the assessee and Cross appeal raised by the Revenue for Assessment Year 2015-16 are directed against the orders of Ld. Commissioner of Income Tax(Appeals)-I (in short ‘Ld. CIT], Indore dated 27.09.2018 which are arising out of the order u/s 143(3) of the Income Tax Act 1961(In short the ‘Act’) dated 29.12.2017 framed by ITO-3(2), Indore.
The assessee has raised following grounds of appeal:
Please become a Premium member. If you are already a Premium member, login here to access the full content.
