Sai Om Infravision (P) Ltd. Vs DCIT (ITAT Delhi)
ITAT Delhi held that loose sheets picked u/s 132, falls within definition of ‘document’ mentioned in section 132(4) and therefore, it has got evidentiary value. Thus, addition on the basis of loose sheets found during course of search is sustainable.
Facts- Present appeal is filed by the appellant against orders passed under section 153A of the Income Tax Act. Notably, addition made for all the years is on the basis of notings in a seized diary found from the premises of Kaushalya Residency Girls Hostel, GNHIPL during the course of search u/s. 132 of the Act. AO has made the additions on all the items found during search from the diary, but CIT(A) has restricted the additions to those entries only which were reflected in the books of accounts.
Conclusion- Hon’ble Madras High Court in the case of M. Vivek vs. DCIT has duly held that loose sheets picked u/s 132, falls within definition of ‘document’ mentioned in section 132(4) and therefore, it has got evidentiary value. The decisions referred by the ld. Counsel for the assessee has no bearing on the present facts of the case. Hence, in our considered opinion, Ld. CIT(A) has passed a reasonable order, which does not need any interference on our part. Accordingly, we affirm the same and dismiss the grounds raised by the assessee in all the aforesaid appeals.
