Prakash Gupta,J. - (1.) Urging that the Lower Appellate Authorities and ITAT fell into error of law the assessee questions the concurrent findings whereby a sum of Rs. 23,78,500/- was taxed in his hands in the course of search proceedings under Section 153A of the Income Tax Act.
(2.) The assessee's premises-as well as those of his elder brother Prakash Makhija, were searched on 12.10.2011. In the course of the search, Prakash Makhija made a statement admitting that Rs. 6 lakhs undisclosed amount was paid by the assessee for purchase of immovable property. The assessee admitted to this amount and surrendered the said sum of Rs. 6 lakhs. The A.O. relied upon a document found during the search and held that the true value of the transaction (i.e. purchase of property) was worth Rs. 20,75,000/- brought the compliance including the amount surrendered- a part of which was adjusted towards registration charges etc., to tax.
(3.) This was upheld and affirmed by the Lower Appellate Authorities i.e. CIT(A) and ITAT.;