For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

A survey u/s.133A(1) of the Act was conducted at the business premises of the assessee, Hotel Shagun, Barnala By-pass on 21.01.2009 and during the course of survey Rs. 960/- was found in cash and the assessee had offered to tax an amount of Rs. 35,00,000/- as its undisclosed income for the assessment year 2009-2010 subject to no penal action under the I.T.Act, 1961. The assessee also admitted the undisclosed investment of Rs. 35 lakhs in the hotel Shagun. Thereafter the AO issued statutory notices to the assessee. Finally, the AO framed the assessment assessing total income of the assessee at Rs. 38,95,160/-.Aggrieved by the order of AO the assessee appealed before the CIT(A) and the CIT(A) after considering the submissions of assessee and findings of AO dismissed the appeal of the assessee.Further aggrieved, the assessee is in appeal before the Income Tax Appellate Tribunal.

Shanti Prime Publication Pvt. Ltd.

Sec. 133A & 69B of the Income Tax Act, 1961—Undisclosed Income —Matter remanded back to the file of AO for further verification regarding the addition made on the hotel building.

Facts: Assessee was engaged in Hotel and Restaurant business. A survey u/s.133A(1) was conducted at the business premises of assessee and during the course of survey Rs. 960/- was found in cash and assessee had offered to tax an amount of Rs. 35,00,000/- as its undisclosed income subject to no penal action . Finally, AO framed the assessment assessing total income of assessee at Rs. 38,95,160/-. CIT(A) after considering submissions of assessee and findings of AO dismissed the appeal of assessee. Being aggrieved, assessee is in appeal before Tribunal.

Held, that from the impounded paper obtained during the course of survey proceedings, it is clear that some of the expenditure which are not related to impugned assessment year and this objection was also taken before CIT(A) but CIT(A) has not properly dealt this matter while deciding the appeal of the assessee. Therefore, this matter should go back to the file of AO for further verification regarding the addition made on the hotel building. AO is also directed to give telescoping from the surrendered if the assessee has paid taxes on the entire surrendered amount. If it is found otherwise, then AO is directed to consider the amount on which the assessee has paid taxes thereon. AO is also directed to grant depreciation if the assessee is eligible as per the Income Tax Act on the hotel building and if the depreciation was not claimed while calculating the taxable income of the assessee. A reasonable opportunity of being heard be given to assessee and assessee is directed to cooperate with AO for early disposal of the case. - TARLOK KUMAR V/s ASSTT. CIT - [2020] 81 ITR (TRIB) 462 (ITAT-AMRITSAR)

A survey u/s.133A(1) of the Act was conducted at the business premises of the assessee, Hotel Shagun, Barnala By-pass on 21.01.2009 and during the course of survey Rs. 960/- was found in cash and the assessee had offered to tax an amount of Rs. 35,00,000/- as its undisclosed income for the assessment year 2009-2010 subject to no penal action under the I.T.Act, 1961. The assessee also admitted the undisclosed investment of Rs. 35 lakhs in the hotel Shagun. Thereafter the AO issued statutory notices to the assessee. Finally, the AO framed the assessment assessing total income of the assessee at Rs. 38,95,160/-.Aggrieved by the order of AO the assessee appealed before the CIT(A) and the CIT(A) after considering the submissions of assessee and findings of AO dismissed the appeal of the assessee.Further aggrieved, the assessee is in appeal before the Income Tax Appellate Tribunal.

Shanti Prime Publication Pvt. Ltd.

Sec. 133A & 69B of the Income Tax Act, 1961—Undisclosed Income —Matter remanded back to the file of AO for further verification regarding the addition made on the hotel building.