9911796707
TMI Blog2003 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... esidential premises of Shri O. P. Sehgal, who had an interest in the firm. During the course of search, a document in the form of balance-sheet for the year ending March 31, 1987, was found and seized from the said premises. Scrutiny of the balance-sheet revealed that the same related to three different firms. The balance-sheet also contained three names, i.e., Ashish Singla, Vishal and Vikas, and against these names there were various entries on the assets and liabilities side. From this consolidated balance-sheet, the Assessing Officer (for short, "the AO"), inferred that it belonged to three firms, namely, Ashish Enterprises, Dada Colony, Jalandhar, Vishal Rubber Products, Dada Colony, Jalandhar, and Vikas Rubber Products, Dada Colony, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seized document found during the search in the form of balance-sheet which has been proved to be correct by the Assessing Officer while invoking the provisions of section 145(2) of the Income-tax Act, 1961? 2. Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal has erred in law in ignoring that the assessee had failed to disown the seized document in the form of balance-sheet or its entries which formed the basis for invoking the provisions of section 145(2) of the Income-tax Act, 1961?" We have heard Dr. N. L. Sharda and perused the record. A reading of the order annexure A2 passed by the Commissioner of Income-tax (Appeals), Jalandhar, shows that while deleting the additions made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of filing the return of income except minor variations like the entries made in the books of the party is against the name of Vishal Rubber Products but the assessee has made in the books as Vikas Rubber Roll Products. It is because of such discrepancies that the learned Assistant Commissioner of Income-tax has rejected the book version and made the additions on the basis of the entries shown in the impugned balance-sheet found in the course of the search. Considering therefore the facts of the case, I am of the opinion that the impugned balance-sheet cannot be relied upon without corroborative material to hold that the balance-sheet is a genuine document and is based on either in the books of account found in the course of the search ..... X X X X Extracts X X X X X X X X Extracts X X X X
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