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2017 (1) TMI 1156 - HC - Income TaxClaim for depreciation on Flameless Furnace - -Assessee was not able to explain even the whereabouts of the Furnace which is alleged to be owned by it - deleting the claim for depreciation as the purchase and lease was as sham on the basis of a statement of the Director of the lessee u/s. 133 - Held that:- We note that a statement made under Section 133A of the Act is not bereft of any evidentary value. The same may not be conclusive but in the absence of any contrary evidence or explanation as to why the statement made under Section 133A of the Act is not credible, it can be acted upon. In the absence of Assessee offering any explanation as to why the statement cannot be relied upon, no fault can be found on the reliance upon the statement of the Director of M/s. Omega. Further, so far as request for cross examination is concerned, we find that Appellant-Assessee, during the first round of proceedings before the Assessing Officer did not raise any such issue. At that point of time, the person who make the statement, could have been produced by the Assessing Officer. It was only in the second round of proceedings when the Appellant-Assessee was not able to contact the Director of M/s. Omega, that they came up with a request for his cross examination. Therefore, the submission on part of the Appellant that the delay has led to it being unable to produce evidence is of no avail as the delay was in seeking cross examination by it. Further, the documents which were produced were considered along with and/or the facts viz: nonproduction of vital documents. This coupled with the fact that the owner of the Furnace i.e. Appellant did not have any knowledge about its whereabouts at the time of adjudication. Thus the consistent view taken by the authorities under the Act including the Tribunal, is on the facts a possible view. No substantial question of law - Decided against assessee
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