New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (8) TMI 464 - ITAT DELHI

2016 (8) TMI 464 - ITAT DELHI - TMI - Addition on account of surrender made by the assessee under section 132(4) during the course of search as well as during post search proceedings - CIT(A) deleted the addition - Held that:- Neither the Investigation Wing nor the Assessing Officer has correlated any seized document with the surrender of unaccounted receipt. - After considering entire facts and circumstances of the case and respectfully follow the judicial pronouncements, as discussed in t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ent appeal against the impugned order dated 20/2/2013 passed by the Ld. Commissioner of Income Tax (Appeals-XXXIII), New Delhi on the following grounds:- 1. On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the addition of ₹ 1,00,00,000/- made by the Assessing Officer on account of surrender made by the assessee under section 132(4) of the Income tax Act, 1961 during the course of search on 31.07.2009 as well as during post search proceedings on 17.09.2009 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e, the CIT(A) has erred in deleting this addition without appreciating the fact that the retraction made by the assessee was not supported by any documentary evidence, as it has been held by various judicial authorities that for any retraction to be successful in the eyes of law the maker has to show as to how the earlier recorded statement does not state the true facts or that there was coercion, inducement or threat while recording his earlier statement. 4. On the fact and in the circumstances .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the CIT(A) is erroneous and is not tenable on facts and in law. 6. The appellant craves leave to add, alter or amend any / all of the grounds of appeal before or during the course of the hearing of the appeal. 2. The facts in brief are that a search and seizure action u/s. 132 of the Income Tax Act, 1961 (hereinafter referred as the Act) was conducted by the Department on 30.7.2009 in Ramprastha Group of cases. The assessee company M/s Mahamaya General Finance Co (P) Ltd., business premises o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of Officer, fresh Notice again issued on 26.6.2011 for 8.7.2011. In response to various statutory notices, Authorised Representative of the assessee attended the proceedings from time to time and furnished necessary details, information and documents. After considering the documents/ material filed by the Assessee, AO observed that at the time of search Sh. Balwant Singh, Chairman of Ramprastha Group of Companies surrendered an amount of ₹ 1 crore u/s. 132(4) of the I.T. Act in the case o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

who vide impugned order dated 20.2.2013 has deleted the addition and partly allowed the appeal of the Assessee. 4. Now the Revenue is aggrieved against the impugned order and filed the present appeal before the Tribunal. 5. At the time of hearing Ld. DR relied upon the order of the AO and reiterated the contentions raised by the Revenue in the grounds and requested that addition made by the AO may be upheld. 6. On the contrary, Ld. A.R. of the assessee relied upon the order of the ld. CIT(A) an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ar issue has been dealt by the Tribunal and the addition in dispute has been deleted. Accordingly, he requested that by following the ITAT order and by upholding the Ld. CIT(A) s order, Appeal of the Revenue may be dismissed. 7. We have heard the both parties and perused and considered the relevant records available with us especially the impugned order passed by the Ld. CIT(A). We find that Ld. First Appellate Authority has elaborately discussed the issue in dispute by considering the submissio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g or nature of document was never confronted either by Investigation Wing or the Assessing Officer to Sh. Balwant Singh. Only seized document discussed by the Assessing Officer is signed blank letter head of contractor in support of unaccounted work-inprogress. This blank letter head in no way proves unaccounted payment to the contractor specially under the circumstances that various contractor of Ramprastha Group were surveyed simultaneously and no document of unrecorded receipts were found and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

wer, Sh. Balwant Singh has stated that mostly the transactions are recorded in books of accounts and some parts are unaccounted. Ld AR has argued that entire seized document was examined during post search and assessment proceeding and no incriminating material was found. Subsequent statements were recorded in the Investigation Wings as mentioned in the assessment order. However no question was asked in furtherance of the statement regarding the contents of seized document. During original state .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as on mistaken facts as the Sh. Balwant Singh has stated that cash payment for acquiring the land was debited in the books of accounts and, therefore, deduction was not available for disallowance u/s. 40A(3). This is an apparent mistake of facts. Ramprastha Group of Companies has never made cash payment for acquiring land. It has paid only account payee cheque to Dharam Raj Construction and Infrastructure (P) Ltd. who in turn has made cash payment to the seller of the land. After considering ent .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version