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2018 (6) TMI 829 - AT - Income TaxValidity of the proceedings and order u/s 153C on the basis of documents seized - notings in the seized documents made reference to the name of third party - Held that:- Seized documents make reference to the payments made to TIPL by the person to whom the document belonged to.the document was found from the premises of N.K.G. with whom TIPL was having business transactions. In the circumstances, if the documents seized from the custody of Sr. Officer of N.K.G referred to payments made to TIPL then the only logical inference that one can draw is that the seized document belonged to the person who had made payment to TIPL. Admittedly therefore such documents could not be presumed to be belonging to the appellant that i.e. ‘TIPL’ - thus seized documents that are pages 35 and 38 of AVR-2 did not belong to the appellant company. In the present case, the facts and material on record prove that the seized documents did not belong to the appellant company and therefore we hold that the proceedings u/s 153C could not have been validly initiated against the appellant company. Such findings of ours get support from the judgement of the Hon’ble Delhi High Court in the case of PEPSICO INDIA HOLDINGS PRIVATE LIMITED VERSUS ASSISTANT COMMISSIONER OF INCOME TAX & ANOTHER [2014 (8) TMI 898 - DELHI HIGH COURT] - hence the Tribunal accordingly quashed the assessment framed u/s 153C since it was found that seized documents recovered from N.K.G. did not belong to the said assessee - Decided in favor of assessee.
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