SHRI BANNA LAL JAT,BHILWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AJMER

However, the assessee offered Rs.1,35,00,000/- to cover the 48 to 476/JP/2018 Shri Banna Lal Jat vs. ACIT discrepancies in other annexures. The difference as per various papers of in this regard is only Rs.6,32,171/- which is covered by the extra income offered in respect of annexure A-2. Hence no separate addition in respect of these papers is called for. It is further submitted that assessee has offered an income of Rs.2,80,00,000/- as per Annexure A- 2 which includes Rs.93,00,000/- on account of miscellaneous surrender.

On the other hand, the ld. DR has relied upon the orders of the authorities below.

We have considered the rival submissions as well as the relevant material on record. The assessee in the statement recorded U/s 132(4) of the Act has made surrendered of Rs. 1,67,00,000/- on account of unaccounted expenditure of the assessee. During the course of the assessment proceedings, the AO noted that the actual account of expenditure recorded in the seized material is Rs. 1,73,72,171/- and there is excess expenditure of Rs. 6,32,171/- which was added to the income of the assessee. The ld.CIT(A) restricted the addition by apply the NP @ 13.28% which comes to Rs. 83,952/-.We find that this amount of Rs. 83,952/- is also covered by the miscellaneous 49 to 476/JP/2018 Shri Banna Lal Jat vs. ACIT surrendered of Rs. 93,00,000/- by the assessee on account of the surdry/irregularity in the accounts of the assessee. Accordingly without going into the other contention raised by the ld AR when this amount is also covered by the said miscellaneous surrendered the addition is not justified and the same is deleted.