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TMI Blog2021 (10) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... ince, the common issue has been raised in both the appeals, the same has been heard together and are being disposed of by this common order. 3. The brief, facts of the case are that a search and seizure operation u/s 132 of the Income Tax Act, 1961 (hereinafter referred to 'the Act') was carried out at the premises of the assessee on 09.11.2011. Consequent to that, the assessment was framed u/s 153A of the Act for the year under consideration, vide assessment order dated 27.02.2014, wherein, the Assessing Officer made addition of Rs. 5,50,00,000/- into the income of the assessee u/s 68 of the Act on account of unaccounted money introduced into the assessee company by four parties in the form of share capital and share premium. The Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... director of M/s Aachman Vanijya (P) Ltd. during the survey action carried out at the premises of the said company, wherein, he had stated that he was only dummy director of the company and that M/s Aachman Vanijya (P) Ltd. was a paper concern and no genuine business activities were carried out by the said company. Further that the said company used to provide accommodation entries. The Ld. CIT(A) relied upon the decision of the Hon'ble Supreme Court in the case of CIT, Chennai vs S. Ajit Kumar (2018) 93 taxmann.com 294(SC), wherein it has been held that any material or evidence found/collected in survey, which has been simultaneously made at the premises of a connected person, can be utilized while making the Block Assessment in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital/share premium received from M/s Aachman Vanijya (P.) Ltd. is concerned, we find that the Ld. CIT(A) has relied upon the decision of the Hon'ble Supreme Court in the case of CIT, Chennai vs S. Ajit Kumar (supra), wherein, the Hon'ble Supreme Court has held that any material or evidence found/collected in a survey action which has been simultaneously made at the premises of a connected person can be utilized while making the Block Assessment in respect of an assessee under Section 158BB r.w.s. 158BH of the Act. The Hon'ble Supreme Court in this respect has held that the words "and such other materials or information as are available with the Assessing Officer and relatable to such evidence" occurring in Section158BB of the Act will c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Sh. Kashi Prasad Chotia, no other incriminating material or evidence has been referred in the assessment order, in respect of survey action carried out in the case of M/s Aachman Vanijya (P.) Ltd.. The statement of said Sh. Kashi Prasad Chotia has not been confronted to the assessee. The Ld. Counsel for the assessee in this respect has relied upon the decision of the Hon'ble Supreme Court in the case of M/s Andman Timber Industries vs Commissioner of Central Excise, Kolkata in Civil Appeal No.4228/2006, order dated 02nd September, 2015, wherein, the Hon'ble Supreme Court has held that where the assessee had not been given an opportunity to cross examine the witness, who made statement such bald statement, cannot be made the sole basis to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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