TMI Blog2014 (11) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 13,119/- as per BDM/18 whereas as per the audited balance-sheet, the figure is ₹ 11,36,148/-, which is a higher figure in the audited balance-sheet. On the liabilities side, the sundry creditors shown, as per BDM/18, is ₹ 1,95,965.43 whereas as per the audited balance-sheet, the figure is ₹ 35,84,244.42, which is again a higher figure and this includes an amount of ₹ 28,48,604/- in respect of Dutta Automobiles, which are on the basis of contemporaneous document and evidence - There is also a loan from Union Bank, which is shown in the audited balance-sheet at ₹ 4,01,437/- but does not find place in BDM/18 - All these figures clearly show that BDM/18 is clearly not a true and fair document for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case the Income Tax, Appellate Tribunal erred in law in deleting the addition of ₹ 43,71,253/- made by the Assessing Officer on account of undisclosed capital introduction without considering Section 132(4A) of the Income Tax Act, 1961 ? b) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in deleting the addition of ₹ 43,71,253/- made by the Assessing Officer on account of undisclosed capital introduction without considering the decision of the Hon ble High Court of Jharkhand in the case of Mahabir Prasad Rungta Vs. Commissioner of Income Tax, Ranchi reported in 2014re Taxman.Com 328 ? c) Whether on the facts and in the circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), onus of proving that books of accounts, other documents, money, bullion, jewellery etc. found in possession or control of a person in the course of search belonged to that person was on the Income Tax Department. Sub-section (4A) of Section 132 enables an assessing authority to raise a rebuttal presumption that books of account, money, bullion, documents etc. belonged to such person; the contents of such books of account and other documents are true and that the signatures and every other part of such books of account and other documents are signed by such person or are in the hand writing of that particular person. The words in sub-section (4A) are may be presumed . The presumption in sub-section (4A) is, therefore, a rebuttal presumpt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te. As such, it is secondary accounting record. The primary accounting records are those documents which indicate the assets, liabilities and owners equity in the form of bills, vouchers, invoices etc. The entries are made in the ledger account in support of each of this and the balances in each ledger account as on a particular date are transferred to balance sheet. Therefore, it is necessary to find out whether the entries in balance sheet are supported by documents in the nature of primary accounting record. In the absence of such corroboration by relevant record, a balance sheet of this nature is a losse paper containing unconfirmed entries. The appellant states that he had an ulterior purpose in preparing this balance sheet, namely, to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in an account such as search and seizure. Everything considered, a simple piece of paper, not signed by anyone, not found from the premises of the appellant and confirmation through business accounting record, is not a document to be relied upon for making the addition of ₹ 43,71,253/-. Accordingly, ground No.4 is allowed. Re: Tribunal: We have considered the rival submissions. At the outset, it is noticed that a perusal of the seized material in BDM/18, when compared to the audited balance-sheet, which were shown at pages 9 and 10, as also the reconciliation of the balance-sheet shown at page 13 of the paper book clearly show that in the audited balance-sheet, there is no land and building whereas in the seized B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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