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2022 (4) TMI 1321 - HC - Income TaxAddition solely on the statement given by the appellant under Section 132(4) - search/seizure proceedings - whether the Tribunal in law and fact is entitled to rely on the statement by the assessee on 22.06.1998 and /or whether the assessee by referring to the judgments relied on in Kailashben Manharlal Chokshi [2008 (9) TMI 525 - GUJARAT HIGH COURT] and M.Narayanan and Bros. Cases [2011 (7) TMI 245 - MADRAS HIGH COURT] could be allowed to contend that the statement in Annexure-C should completely be excluded and additions made by the Assessment Officer are reversed? - HELD THAT:- We have perused the effect order given, statements and retracted statements of the assessee, evidentiary value given by the tribunal and the inescapable conclusion that could be drawn in respect of each one of the additions now confirmed by the Tribunal. The findings recorded cannot and could not be said as completely unavailable and illegal. As noted supra, due evidenciary value is given and no other material is placed by the assessee before the tribunal in spite of observation made by this Court to erase the impact of statement in Annexure-C. Unless and until illegality or infirmity is made out against the findings recorded by the tribunal, this Court if considers the substantial questions exclusively by referring to the judgments on which the assessee is relying upon, would virtually be disturbing what has been already recorded as a relevant circumstance by this Court in Annexure-I judgment between the parties. We are convinced that the grounds raised are not available in the circumstances of this case, the assessee failed to demonstrate existence of question of law against any of the findings confirmed by the Tribunal. Further with the affirmation of the findings by the Tribunal, the concurrent view taken by the Commissioner and the Tribunal is also kept in mind, we see no reason to interfere with the order under appeal. Excepting the answered ground, no other ground is urged by the assessee. - Decided in favour of revenue.
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