Case Law Details
D.C.I.T., Central Circle-XIX Vs. MBL Infrastructure Ltd. (ITAT Kolkata)- All the impugned entries were analysed by the assessee company in detail and the entry to entry correlation with the cash workings filed by the applicants before the Honourable Settlement Commission were submitted by the assessee before the lower authorities. The entries of disclosed nature were also correlated with the regular books of account of the concerned persons and copies of relevant extracts of the regular accounts were filed with the A.O. As such, the ownership of the undisclosed entries by the concerned applicants and due reflection of disclosed entries in regular books of account were categorically established.
Thus, the assessee company successfully rebutted the presumption of ownership of seized documents marked MBL-1 u/s 292C of the Act. The onus now shifted on the Department to disprove the claim of the assessee company by bringing on record cogent evidence in support thereof. The AO failed miserably to discharge such onus. On the other hand, the ld. CIT(A) after taking into the submissions of assessee, orders of the Settlement Commission and copies of the ledger accounts has rightly deleted the same. Therefore, we upheld the same and dismiss the appeal of the revenue.
INCOME TAX APPELLATE TRIBUNAL, KOLKATA
ITA Nos. 1056 & 1057/Kol/2009
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