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2021 (5) TMI 1005 - ITAT MUMBAIAssessment u/s 153C - during the course of search, unaccounted cash/jewellery and incriminating documents indicating suppression of sales etc. were found and seized as per panchnamas prepared - Whether Transactions recorded in the seized documents have not been explained by the assessee at the time of assessment proceedings? - HELD THAT:- In the instant case, on perusal of the impugned order indicates that excess amount was found at 112-122, Hira Bhavan, Rajaram Mohan Roy Road, Prarthana Samaj, Mumbai, but the assessee explained that the said amount was actually seized from the residential premises of late Shri Jitendra Mehta, director and he had duly admitted said amount in his individual capacity. He observed that except this, there is nothing on record for the impugned year to say that any money, bullion, jewellery or other valuable article or thing or books of account belonging to the assessee was seized or requisitioned as a result of search. Further he observed that with regard to the seized paper Annexure A-l on perusal of the same shows that there is no mention of the assessee company or the project undertaken by the assessee. During the year under consideration, as observed by the AO in the impugned assessment order, the assessee company has executed the project name 'Moksh Plaza' and this name did not find mention on page 114 of Annexure A-l. Thus, it is very clear from the above facts that seized paper found during the course of search cannot be considered belonging to the assessee. AO has not brought on record any material to link the document found during search to the projects handled by the assessee during the assessment year, for that matter in any assessment year. Therefore, the ground numbers raised by the revenue are dismissed.
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