9911796707
TMI Blog2023 (4) TMI 397X X X X Extracts X X X X X X X X Extracts X X X X ..... nch, Bangalore, has been admitted to consider the following questions of law: "1. Whether on the facts and in the circumstances of the case, the CIT and Tribunal are right in law in deleting the additions made on account of cash payments of Rs.3,45,00,000/- made to M/s. T.V. Aleyas Engineering Pvt. Ltd., by erroneously holding that the CIT(A) has rightly deleted the said additional by a detailed analysis of the entries found in the seized material and the entries recorded in the books of accounts without considering the seized materials which contained cash payments amounting to Rs.5,00,00,000/- made to M/s.T.V.Aleyas Engineers Pvt.LTd., and assessee had not satisfactorily explained the said payments and as such assessee failed to dischar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled its return disclosing the same taxable income. The AO [Assessing Officer] completed assessment and added a sum of Rs.3,45,00,000/- and Rs.1,09,05,000/-. The CIT(A) allowed the appeal and deleted both the additions made by the AO. Revenue preferred an appeal before the ITAT [Income Tax Appellate Tribunal] and the same has been dismissed by the impugned order. 4. Shri. Aravind adverting to para 4.11 and 4.12 of the assessment order submitted that the Assessee has contended that a sum of Rs.5 crores was agreed to be paid in cash. The same is corroborated by the seized material which is at page 9 and e-mail page No.11 of the assessment order. In substance, he submitted that the books of accounts reflected payment of Rs.19.30 crores, where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abulated each and every cheque payment in para 4.12 of his order and recorded his satisfaction that all the payments were made through cheques. ITAT, on re-examination of the entire material on record, has accepted the view taken by CIT(A). 6. We have carefully considered the rival contentions and perused the records. 7. Revenue's specific case is, payment of Rs.5 crores has been made outside the books. Shri. Aravind has placed strong reliance on paras 4.11 and 4.12 of the assessment order and page 9 containing a tabular column as well as page 11 of e-mail sent by one S.Pradeep Kumar Shenoy. A cumulative reading of paras 4.11 and 4.12 shows that the Assessee had proposed to pay a sum of Rs.17.30 crores in cheque and balance sum of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... radeep Kumar Shenoy under Section 132(4) and 131 of the IT Act and they have not stated anything adverse against the Assessee. Therefore, their statements were not used by AO in scrutiny assessments. 9. As far as the contention of page 9 of AO's order is concerned, it contains a tabular column and certain payments. The third column shows "to be paid in due course". This extracted portion, according to the Revenue is a sheet of paper found during search. The e-mail produced at page 11 is dated March 17, 2010 and the same is sent by Shri.Pradeep Kumar Shenoy. His statement has been recorded by AO as mentioned in the remand report. According to AO, nothing adverse was stated by him against the Assessee. Above all, it is relevant to notic ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
