Loose Sheets & Excise Data Corroborate 132(4) Admission, ITAT Upholds Addition

Midas Golden Distilleries Pvt. Ltd Vs DCIT (ITAT Chennai) Director’s 132(4) Statement Backed by Seized Loose Sheets & Excise Records Held Valid Evidence; Mere Plea of ‘Old vs. New Bottles’ Rejected ITAT Chennai Assesee company, a major manufacturer of alcoholic beverages & supplier to the Tamil Nadu State Marketing Corporation(TASMAC), was subjected to a search u/s 132 on 09.11.2017. During the search on the premises of its bottle & carton suppliers – M/s SSE & M/s SSC, loose sheets were seized which allegedly revealed systematic over-invoicing of bottles & cartons ...