- (1.) The present appeal has been filed under Section 260A of Income Tax Act, 1961 arising out of order dated 27.2.2009 passed by Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow in ITA No. 658/Luc/2008 for the assessment year 2006-2007. The aforesaid appeal was admitted by this Court on 6.12.2012 on the following questions of law- "1. Whether on the facts and in the circumstances of the case, the order of the Hon'ble ITAT is perverse in as much as on identical issue and on similar facts in the case of Mr. Ravindra Kumar Verma in ITA No. 892/Luc/05 dated 04.02.2009, the same bench held the retraction to be void and illegal. 2. Whether on the facts and circumstance of the case the Hon'ble ITAT was right in law in deleting the addition of Rs. 7 crore inspite of the fact that the surrender was made voluntarily with due care and caution and after necessary consultation, with all concerned. 3. Whether on the facts and circumstance of the case the Hon'ble ITAT was right in law in holding that the addition was not based on any evidence. In doing so the ITAT ignored the fact that statement recorded under Section 132(4) of the I.T. Act was itself an evidence."
(2.) On 1.9.2005, the business premises and residence of the respondent-assessee was searched. During the course of search operation cash, jewellery and other valuables were found and seized. On 30.10.2006, the respondent-assessee filed its return and declared its income of Rs. 24,05,86,630/-. Thereafter, notices under Section 143(2) and 142(1) were issued on 2.7.2007 and 5.11.2007 and questionnaires were issued on 14.12.2007 and 17.12.2007. In response to the notice and questionnaires, the detailed written replies were submitted and case was also discussed in detail with representative of Assessee.
(3.) On 6.10.2005 the statement on oath of assessee-respondent was recorded under Section 132(4) in which he has offered to surrender a sum of Rs. 31 Crores for taxation for the Assessment Year 2006-07.;