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TMI Blog2015 (5) TMI 778X X X X Extracts X X X X X X X X Extracts X X X X ..... he has made a surrender item-wise under different heads for different assessment years. Since there is no reference with regard to the investment in the assessee’s proprietary concern, no benefit can be given. Accordingly, we find no merit in the assessee’s contentions. - Decided against assessee. Unexplained investment in stock of goods - CIT(A) confirmed the addition - Held that:- Similar is the position before us, as no confirmation was filed to establish that the stock was purchased on credit basis. Therefore, we find no infirmity in the order of the ld. CIT(A), who has rightly confirmed the addition.- Decided against assessee. - ITA No.242,243&244/LKW/2012 - - - Dated:- 6-2-2015 - Shri Sunil Kumar Yadav And Shri. A. K. Garodia JJ. For the Appellant : Shri. P. K. Kapoor, C.A. For the Respondent : Shri. Vivek Mishra, CIT (DR) ORDER Per Sunil Kumar Yadav: These appeals are preferred by the assessee against the consolidated order of the ld. CIT(A) pertaining to assessment years 2004- 05, 2008-09 and 2009-10. 2. Since these appeals were heard together, these are being disposed of through this consolidated order. 3. In all these appeals, grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal, the addition of ₹ 10 lakhs was made under section 69 of the Act by the Assessing Officer, having noted that during the search proceedings, a number of documents were found and impounded. It was also noted that number of plant and machinery items and other assets were also found and proper inventory of these items was made. The assessee was asked to provide the value of assets and the sock found on the date of search and also to provide evidence with regard to the source of investment. The assessee vide reply received on 10.12.2010 has submitted that M/s Krishna Food Products is a very small concern and no accounts are maintained. Regarding the assets, it was stated that three Vans found were quite old in the name of different family members. The value of other assets has been stated to be around ₹ 7 lakhs, out of which ₹ 2 lakhs is stated to have been invested by the assessee herself along with her husband. For the rest of the money, it has been stated that investment was made by Shri. K. N. Singh Patel, who has already surrendered this amount in his return of income. It was further explained that the value of stock stated to be ₹ 3 lakhs, which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, Shri. Kailash Nath Singh Patel has made declaration item-wise and there is no reference with regard to the acquisition of assets in the assessee s proprietary concern. Therefore, no benefit can be given. The ld. CIT(A) has dealt with the issue in the light of the assessee s contentions. For the sake of reference, we extract the order of the ld. CIT(A) in this regard as under:- 6.2.2 I have considered the submissions made by the assessee, grounds of appeal and gone through the assessment order. The Assessing Officer has mentioned that a complete copy of Annexure A- 1 to A-15 (for party no. 11) for the documents found and impounded in the course of the search at the business premises of the appellant at 36,38 Gaurabagh, Kursi Road, Lucknow, had been provided to the appellant and the copy of inventory of plant machinery and other assets found were also provided. Notice u/s 142(1) was also issued requiring the appellant to furnish the source of investment. No accounts were maintained for M/s. Krishna Food Products as per the reply filed by the appellant. The three vans found were stated to be owned in the name of different family members and the-value of other assets was sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the per son by whom it purports to have been so executed or attested. (2) Where any books of account, other documents or assets have been delivered to the requisitioning officer in accordance with the provisions of section 132A, then, the provisions of sub-section (1) shall apply as if such books of account, other documents or assets which had been taken into custody from the person referred to in clause (a) or clause (b) or clause (c), as the case may be, of sub-section (1) of section 132A, had been found in the possession or control of that person in the course of a search under section 132. 6.2.3. Further, it was before the Assessing Officer stated that ₹ 5,00,000/- was covered out of the surrender of ₹ 10,00,000/- by Shri Kailash Nath Singh Patel under the head 'other explained investment/expenditure etc.', however, no such specific bifurcation appears to have been giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as Shri Kailash Nath Singh Patel was neither the owner, nor in possession or control of the assets belonging to the proprietorship concern of the appellant, therefore, the statement made by him is merely a self serving statement and provides no relief to the appellant. The Assessing Officer has relied upon the decision of M/s. Shree Krishna Vs. CIT, Kanpur Others reported in 142 ITR 618 (All) in which it has been held as under: It is neither a rule of prudence nor a rule of law that the statements made in an affidavit which remains uncontroverted, must invariably be accepted as true and reliable. Ordinarily, in the absence of denial, the statements may be accepted as true but if there are circumstances which suggest that the statements on affidavit should not be accepted as true, the absence of denial by the other side, would not by itself be sufficient to clothe the statements on affidavit with truthfulness and reliability. 6.2.4 Merely because the Assessing Officer has not denied the contents of the affidavit does not lead to the conclusion that the declaration made by Shri Kailash Nath Singh Patel is correct as it is found to be not in accordance with the scheme of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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