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 twin assessment years 2006-07 and 2007-08. The same resulted into addition of Rs. 8.99 crore. However, lower appellate deleted the same. Being aggrieved, the present appeal is filed by the revenue.
Conclusion- Held that CIT(DR) is indeed very fair in taking us to the assessment findings dated 30.12.2009 wherein same rough jottings and alleged map was seized from the searched person, which is indeed in the nature of dumb document only in light of Commissioner of Income Tax v. Girish Chaudhary, 2008)296 ITR 619 (Del). We wish to reiterate here that the above seized document merely indicates some rates than pinpointing any specific on-money payment or receipt; as the case may be, involving the assessee. Thus, we are of the considered view that CIT(A) has rightly accepted the assessee’s contentions directed against the impugned addition.
