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2015 (8) TMI 368 - KERLA HIGH COURT

2015 (8) TMI 368 - KERLA HIGH COURT - TMI - Assessment completed under Section 143(3) r/w. Section 153A - additions relating to the difference in considerations paid on purchase of properties - Held that:- Admittedly the additions were made by the assessing officer placing reliance on the document seized (SJ-III) during the course of the search of another assessee by name Babu John and also the sworn statements given by the assessee on 24.10.2008 and 30.10.2008. In the statement dated 24.10.2008 .....

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nts of the assessee himself. Therefore, these additions made relying on this document and the statements, cannot be said to be illegal.

The Tribunal's order shows that despite the above, the Tribunal has set aside some of the additions and remitted the matter to the assessing officer for re-consideration.

In so far as the additions which were confirmed by the Tribunal are concerned, they are fully substantiated by the document and the statements relied on by the Department. .....

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ench in I.T.A. Nos.316 to 318 of 2012 pertaining to the assessment years 2007-2008 to 2009-2010. 2. The assessee is engaged in manufacturing ornaments for jewellery shops and is also a Director of two companies carrying on kuri or chit business. Revenue carried out search and seizure operations in the business premises of M/s. St.Antony's Timber Depot, Thrissur and consequent thereto the assessee was also subjected to search and seizure on 24.10.2008. Following this assessment was completed .....

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