| COURT: | ITAT Mumbai |
| CORAM: | Sandeep Gosain (JM), Shamim Yahya (AM) |
| SECTION(S): | 68 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | admission of undisclosed income, retraction |
| COUNSEL: | Rahul Raman |
| DATE: | January 16, 2018 (Date of pronouncement) |
| DATE: | January 25, 2018 (Date of publication) |
| AY: | 2008-09 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 68: If an admission of undisclosed income is made by the assessee after reference to the material found during search and seizure, it cannot be said that the admission is not based on incriminating material. The retraction of such admission of undisclosed income is not permissible especially when the retraction is by the mother and not by the assessee | |
As evident in the material obtained by the Revenue during search and seizure, it was only with reference to the search and seizure material that Smt. Madhu Chopra gave a specific amount to various heads wherein the undisclosed income had been utilized. The assessee had also separately accepted the same. Hence, it cannot be said that this addition is not based upon any incriminating material found or searched. Furthermore, the so called retraction is by the mother of the assessee and the Assessing Officer is correct in finding that there is no retraction whatsoever by the assessee
Recent Comments