9911796707
TMI Blog2017 (3) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... e cash seized belonged to the third party, i.e., the assesse in the present case. Such statement also constitutes as material because it is made in the course of the search under Section 132 (4) and is also in consonance with the ruling of this Court in Dayawanti (2016 (11) TMI 211 - DELHI HIGH COURT ). - Decided in favour of revenue - ITA 58/2017 ITA 59/2017, CM APPL.2767/2017 ITA 82/2017, CM APPL.3614/2017 ITA 83/2017, CM APPL.3615/2017 - - - Dated:- 3-2-2017 - MR. S. RAVINDRA BHAT MR. NAJMI WAZIRI JJ. Appellant Through: Mr. Dileep Shivpuri, Sr. Standing Counsel with Mr. Vikrant A. Maheshwari, Advocate. Respondent Through: Ms. Monika Ghai, Advocate. S. RAVINDRA BHAT, J.(ORAL) 1. Admit. 2. Issue notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Based on the above material, notice was issued to the present assessee as a third party under Section 153C. The final assessment was challenged by the assesse which was upheld by the CIT (A). However, the ITAT upheld the assessee s contentions with respect to the defective notice under Section 153C. It was held that there was no satisfaction note recorded by the concerned Assessing Officer in accordance with law and secondly that the material nowhere disclosed that any document or item or material was recovered that belonged to the assessee in this case. 8. Learned counsel for the Revenue relies upon the decision of this Court in Principal Commissioner of Income-Tax- 8 vs. M/s Super Malls Pvt. Ltd., 76 Taxman.com 267 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cuments listed in Annexure A-1 too were seized after their print outs were obtained. These documents detailed cash receipts for the sale of the shops and offices in the assessee s other concerns. In these circumstances, having regard to all these conspectus of facts, the AO expressed under Section 153C of the Act that the documents so seized belonged to the assessee. We are unpursuaded by the assessee s submissions that the expression belonged , in the context in which it was used has to be understood as imputing relating to , or any other term. Plainly put, the AO was satisfied that the documents belonged to the assessee in view of what was contained or brought out on a fair reading of their contents. It must not to be overlooked that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Statement of Sh. Jatinder Pal Singh was recorded u/s. 132(4) of the Income Tax Act, 1961. In reply to question No.7, it is stated as under: - About ₹ 15 lacs is at my residence and ₹ 2 crores in my office which is located in the same plot on ground floor. Out of ₹ 15 lacs, a sum of ₹ 10 lacs belongs to company namely Navnidh Overseas Pvt. Ltd. and ₹ 5 lacs is my personal ₹ 2 crores I have received as advance with regard to my agricultural land at Faridabad where I intended to sell the land in small plots 2.1 In answer to question No.27, Sh. Jatinder Pal Singh states as under: The cash belongs to both the companies and my personal cash but the computer on which books of accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
