(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) We have heard Mr. M. R. Bhatt, learned Senior Standing Counsel for the appellant - revenue.
ADMIT.
We formulate the following substantial questions of law which arise in this appeal as under :-
"[A] Whether on the facts and the circumstances of the case and in law, Appellate Tribunal is right in law and on facts in holding that the retraction of the Income disclosed in the statement recorded under Section 132 (4) of the Act at the time of search proceedings was valid ignoring the fact that the affidavit on which the relevant retraction made was not filed within reasonable time before the Assessing Officer having jurisdiction over the assessee but was filed somewhere else having no concern over the contents of the said affidavit ?
[B] Whether the Appellate Tribunal is right in law and in facts in further holding that the addition can be made on the basis of disclosure of income made through statement recorded under Section 132 (4) of the Act only if it is corroborated with the books of accounts, documents, assets, etc. which were not found or seized or to be considered an independent evidence ?
[C] Whether on the facts and the circumstances of the case and in law, the Appellate Tribunal is right in law in further holding that the additions made by the A.O. Based on seized documents and on account of excess stock found during the course of search were to be deleted in view of the assessee having prepared supplementary books of accounts after search and incorporating the whole of the receipts therein, ignoring the fact that the assessee had not established the correctness of the profits worked out therein before the Assessing Officer ?"
Issue notice to the other side. Paper book be filed within 3 months.
[V.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Savariya Top