Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 310 - AT - Income TaxInvocation of proceedings u/s 153C – assessment made on the basis of material found during seizure - Whether the seized material found from Shri Vikas A. Shah belongs to the assessee and assessment made on the basis of material is in confirmation of Section 153C of Income Tax Act – Held that:- Revenue was of the view that the assessee being one of the signatory, therefore, the document in question belonged to the assessee - relying upon Central Bureau of Investigation v. V.C. Shukla [1998 (3) TMI 675 - SUPREME COURT] They had admittedly executed such sale deeds - It cannot be stated that the sale deeds do not belong to them - the receipts of payments also are documents belonging to the petitioners - They are alleged to have received various payments in cash from the purchasers - If there are documents evidencing such particulars and if such documents are also signed by the petitioners, it can certainly be stated that such documents do belong to the petitioners - the action initiated u/s 153C of the Act cannot be quashed - after examining the document it was found that it belonged to the assessee although it was requisitioned from the possession of an another person, hence, the action u/s. 153C was rightly initiated against the assessee – Decided against assessee. The document is written in gujarati which was duly signed by the concerned two parties in the presence of the witnesses - the document has been signed in the name of God as also in the presence of the witnesses - it is difficult to hold that the said document was merely a dumb document or an irrelevant document - the amount of the construction, as well as the details of the plot have clearly been noted - The assessee was given sufficient opportunity to rebut the said document but he has preferred not to attend properly the proceedings before the AO - in a situation when any books of account or documents, etc. have been delivered to the requisitioning officer having jurisdiction over "such other person" i.e., other than the person who has been searched; then those documents, etc., delivered or requisitioned shall be dealt with as if they have been found in the possession or control of "such other person" against whom the proceedings have been initiated u/s.153C of IT Act - Such books of account or documents shall be deemed to have been found in the possession or control of such other person as if recovered in the course of search u/s. 132 of IT Act - the assessee being one of the signatory of the contents recording the transactions hence the documents was belonging to the assessee - the amount was rightly assessed in his hand – Decided against assessee.
|