9911796707
TMI Blog2008 (9) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... e revenue against the order of the Commissioner of Income-tax (Appeals) dated 24.12.2004 The ground raised by the revenue before the tribunal was that the Commissioner of Income-tax (Appeals) had erred in deleting the addition of Rs 7,53,55,000/- made on account of entries recorded in two diaries seized from the assessee's premises holding these diaries as dumb documents. 2. A search was conducted on 18.03.2002 at the assessee's residential premises as well as the office of the company in which the assessee was a director. Amongst other items, two diaries were seized which were marked as Annexure A1 and A2 to the Panchnama. These diaries apparently pertain to the calendar year 2001-02 and were found at the business premis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessing Officer were responded to by the assessee. There were 36 such items. 3. According to the revenue, not all the entries have been explained in the sense that the assessee has not produced any material to show that the transactions themselves had not materialised. The plea raised by the revenue was that a presumption is raised against the assessee in view of the provisions of Section 132 (4A) of the Income-tax Act, 1961 (hereinafter referred to as "the said Act"). However, we find that this aspect of the matter has also been considered in detail by the tribunal. The tribunal has noted that after going through the contents of the diaries and observations made by the Assessing Officer and the replies filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipts which had been proved to be income in the hands of the recipient. As a result thereof, the tribunal found no reason to interfere with the findings recorded by the Commissioner of Income-tax (Appeals) on the ground that the same were based on valid and cogent materials placed on record and also produced before the Assessing officer during the course of assessment proceedings. The tribunal also noted that all the evidence, materials, explanations were furnished before the Assessing Officer and it is on the basis of such material that the Commissioner of Income-tax (Appeals) had arrived at the conclusion that no addition was warranted on the basis of the seized diaries. 5. We have examined the impugned order in detail a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
