TaxTMI 
TaxTMI 
2012 (2) TMI 229
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....to the issue are stated in brief. The Department carried out a search and seizure operation at the business premises of the concern named M/s. Puthur Drugs, Trichur on 30-7-1998. In the course of the said search proceedings, some seized documents indicated that the assessee had made investments in a partnership firm named M/s. Hotel Luciya Drive in Restaurant, Chalakudy as his capital contribution (herein after "Partnership firm"). Since the said investment was not reflected by the assessee in the cash flow statement filed by him before the Department earlier, a notice u/s. 158BD r.w.s.158BC was issued. Before assessing officer, the assessee submitted that he has invested only a sum of Rs. 1,50,000/- in the above said partnership fi....
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....examined to find out the veracity of the contents of the said documents. Accordingly, the ld. AR contended that the impugned seized record could not be considered as credible evidence. 5. On the other hand, the ld. DR submitted that the impugned seized documents contained minutes of the meeting of the partners and the same has also been signed by them and hence, they cannot be brushed aside as loose scribbling documents. The additional investments made by the assessee were corroborated by the total project cost of the partnership firm and hence the preponderance of probabilities clearly supports the case of the assessing officer. The ld. DR invited our attention to pg. 34 of the paper book filed by the assessee to contend that the seized d....
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....ns on the issue raised before me in the appeal. I have perused the facts on the record and also considered the arguments of rival parties. First of all, it is to be mentioned that the documents seized in the form of minute books from the business premises of Puthur Drugs, Trichur was not arough document or scribbles or casual jottings by the Manager of the firm M/s. Hotel Luciya Drive-in Restaurant. The authenticity of this document has not been altogether challenged by the appellant. But the appellant has taken an argument that it does not represent the real meeting by the partners. After having a close analysis of the nature of transaction mentioned in the minute books, it does not appear that it is only a casual writing by the manager wi....