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TMI Blog2014 (2) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... g the undisclosed income for the block period at Rs. 68,37,610/-. The assessing officer found that the assessee had failed to disclose the income derived by him for carrying out the contract work and on the basis of documents, seized from the assessee, the undisclosed income was arrived at Rs. 8 lakhs for the work done for Sterling Holiday Resorts at Munnar. Similarly, for the work done at KHDP Factory at Moovattupuzha, the assessing officer, based on seized documents, computed undisclosed income at Rs. 1,25,420/-. Some materials were obtained by the assessing officer, especially two agreements dated 23.9.1998 and 20.12.2000 executed between one T.J.George, Sri. N.C. Thomas and the assessee evidencing sale of petrol pump. Taking into consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per verification by any authority? (b) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in deleting the addition of Rs. 8,00,000/- added as undisclosed income? 2. Whether, on the facts and in the circumstances of the case, is the Tribunal right in law in not taking cognizance of the seized document evidencing carrying out of contract work and in placing reliance on post-search documents being denial certificate, without proper verification by any authority, especially when no regular books of account are maintained by the assessee with reference to contract works, and thus confirming the order of the CIT(A)? 3. (a) Whether, on the facts and in the circumstances of the case, the Tribunal wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y M/s. High Rise contractors and construction professionals. It was, inter alia, stated in the said certificate that the assessee had completed the work for Sterling Holiday Resorts, Munnar, amounting to Rs.1 crore. According to the assessee, this certificate had been obtained for pre-qualifying in some other contract, and it is not an instance where the assessee had actually done the said work. The appellate authority formed an opinion that the statement of account, day book and ledger of the firm for the relevant period were produced for verification and it was evident that the certificate was issued only for the purpose of providing experience certificate and it was not a certification of the real execution of work. That apart, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, inter alia, found by the appellate authorities that M/s. Harrison Malayalam Ltd., has allotted the work of KHDP Project at Moovattupuzha in favour of M/s. Fourmates Developers and Builders (P) Ltd., by three work orders and they have effected payment to the said company. There is no involvement of the assessee in the said matter. There is also a clear finding that the necessary TDS certificates were issued in favour of M/s. Fourmates Developers and Builders (P) Ltd., which is reflected in the balance sheet of the company as on 31.3.1997 and 31.3.1998. It is under these circumstances that the appellate authorities have found that the assessment of undisclosed income in favour of the assessee was not justified. In this instance also, we do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding the said investment when a statement under Section 132(4) was taken on the date of search. Having regard to these findings by the appellate authority and the Tribunal confirming the same, based on the material evidence available in the case, we do not think that any of the findings have given rise to any substantial question of law as narrated in the memorandum of appeal. The validity of the documents relied upon by the assessing officer had been considered in great detail and the first appellate authority had narrated the availability of evidence for arriving at the conclusions with reference to the undisclosed income alleged to have been made by the assessee. Since it is not shown that any of these findings are either perverse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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