While computing the said deduction, the
assessee had taken the surrendered income of Rs. 75 lacs as
business profits. The total business turnover was taken ... Income Tax Act. Therefore, in view of all
these facts and circumstances, we hold that
income surrendered by the assessee was
part of business profit
notice u/s 153A , has
declared the income. Such a conduct amounted to conceal even the income
surrendered under Section 132(4) from the purview ... been made, even the surrendered income would have
escaped income.
8. The Respondent relied on CIT v. S. Kumar & Ors , (2009) 120 TTJ
(Bangalore
learned ITAT, thus, had given a material finding that the
additional surrendered income of ₹7 crores did not belong to Sh.
Pawan Kumar Bansal, which ... order of the Commissioner of Income Tax
(Appeals) [CIT(A)] which in turn held that the income of the
Respondent Assessee was to be determined
treat the amount of surrender, surrendered by the assessed during the course of search and seizure, as business income as against the "Income from ... with a statement that the said income is his business income. The assessed on the basis of the surrender and on the basis of having
impugned order is as follows:-
A . Details of Cash Surrendered
Total Income Surrendered on 17.09.2010 on 15,92,00,000/-
account of STCG
Less: Amount ... adjusted in Tax demand
Balance of Cash out of Surrendered Income 14,66,30,000/-
(Total A)
B. Details of cash consumed/deposited in
bank
income of the previous year. The assessing officer accepted the surrender as income of the assessee. The interest paid by the assessee on the loan ... amount was surrendered by the assessee. The surrender was accepted by the assessing officer as income of the assessee. It ceased to be loan
since the undisclosed income as
per the return was nil, the difference between the undisclosed income
determined and the undisclosed income returned ... Section 271 (1)
(c) would be leviable with reference to the surrendered income. In Sir
Shadilal Sugar and General Mills Ltd (supra) the Supreme Court
assessed with the
CIT XI, New Delhi, this income of `1,82,51,000/- was duly
subjected to tax by CIT XI in the following ... surrendered the income under the head "income
from other sources". In the absence of any explanation in respect of the
surrendered income
concealment of particulars of
income or furnishing of inaccurate particular of income by
the assessee has to be in the income tax return filed ... true disclosure of its
income, it would have filed the return declaring an income
inclusive of the amount which was surrendered later during
the course
income of Rs. 22,19,640 in which, besides declaring the income for the current year, an amount of Rs. 17,03,119 surrendered under ... assessing officer has himself narrated, "income surrendered under section 132(4) . The surrendered income has been assessed as such. In his order, the learned
