A survey was conducted at business premises of assessee-firm and assessee filed return surrendering sum of Rs. 1 crore. Assessing Officer\u00a0 held\u00a0 that during survey, statements of partners were recorded and certain amount was surrendered in respect of difference in unsecured loan. He made additions with respect to surrendered amount as undisclosed income on ground that amount surrendered during survey was more than amount surrendered while filing return\u00a0 Assessee contended that statement recorded during survey had no evidentiary value as same was retracted and diary found from business premises was a dumb document\u00a0 Held that\u00a0 additions were made solely on basis of recorded statement recorded and loose papers\/diary obtained during survey without any corroborative evidence. Impounded diaries merely contained names of persons and amounts-Held that statement recorded under section 133 would not have any evidentiary value and since no enquiry was conducted by Assessing Officer from any person named in alleged diary,\u00a0 additions made on account of loans and advances\u00a0 are\u00a0 deleted.\u00a0 Held that since no unaccounted sales\/purchase invoices, unaccounted lorry receipt or unaccounted party ledgers were found during survey, in absence of valid documents, additions made in regard to excess stock is deleted. Held that only source of income is\u00a0 business income, undisclosed income embedded in undisclosed business transactions would not attract section 115BBE. Cash balance found from other undisclosed sources would attract section 115BBE, thus, undisclosed income attributable to excess cash would attract said section 115BBE.\u00a0 (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115BBE : Tax on specified income-Survey-Undisclosed loan-Surrender of income-Statement retracted-Addition is deleted-Difference in closing stock-No evidence was found-Addition is deleted-Business income-Only source of income was business income, undisclose income embedded in undisclosed business transactions would not attract section 115BBE-Undisclosed income attributable to excess cash from other sources would attract section 115BBE. [S. 68, 69D, 133, 133A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34314","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8Vs","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34314"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34314\/revisions"}],"predecessor-version":[{"id":34315,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34314\/revisions\/34315"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}