Addition based on dumb seized document not sustainable: ITAT Delhi

ACIT Vs New World Buildcon Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that seized document merely indicates some rates than pinpointing any specific on-money payment or receipt; as the case may be, involving the assessee. Thus, addition is liable to be deleted. Facts- A search action was carried out on 05.12.2007 in M/s. Kohinoor Foods Ltd. and its group of cases which allegedly led it to seizure of various incriminating documents “belonging” to the assessee. The Revenue thereafter initiated section 153C’s proceedings in assessee’s case vide satisfaction note dated 04.11.2009 in the former...