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TMI Blog2022 (10) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... s at this juncture the appreciation of the issue comes for our consideration. The resistance to the notice by the assessee is very informal. As already noted, the said reply did not convince the assessing authority. No exception to the findings of fact recorded in this behalf is argued. We have independently perused the conclusions recorded by the AO, CIT (Appeals) and the Tribunal. What arises first for consideration of this Court is whether an error is committed by the Tribunal and the Authorities under the Act; then, this Court can embark upon the merits of the matter. The assessee failed to demonstrate any error in law for our examination. Under those circumstances, having independently considered the issue, we are of the view tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 ITA 420/C/2016 dt.23.04.2018 70/2018 2.1 On 05.11.2009 search was undertaken at the residential premises of one K.A. Rouf and his associates. The Revenue seized a few documents from the business premises of the assessee. The documents recovered from the search are the Profit and Loss account allegedly maintained by the assessee, which shows a net profit of Rs.37,55,858/- for the Assessment Year 2009-10. The assessee for the same Assessment Year filed return showing an income of Rs.7,65,303/-. The documents/accounts seized from the assessee reflected exaggeration of expenses, and the purchase value is shown more than the actual rate at which the materials are received. The details furnished ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts based on valid materials? B: WHETHER the Appellate Tribunal was right in holding that the assessment has been finalized on the draft profit and loss account found at the time of the search when he himself had made adjustments before arriving at the net income? C: WHETHER the assessing authority should not have called for the specific explanations with regard to the differences noticed between the final audited statements and the draft statement found at the time of search? I.T.A. No.70/2018 A: WHETHER the Appellate Tribunal was justified in rejecting the claim of appellant that the assessing authority has not rejected the audit report and final statement of accounts based on valid materials? B: WHETHER the Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he material seized from the business premises of the assessee. The assessee is not disputing the source or custody of the documents. The material was put to the assessee to explain the figures already relied on and the actual amount under these two heads noted in the material seized from the business premises. The material seized has presumption under Section 132 of the Act. The assessee was called upon to explain the contradictory figures. There is no reply from the assessee. Under those circumstances, the Assessing Officer is justified in making the best judgment on the material seized from the custody of the assessee. No exception could be taken to the view expressed by the authorities under the Act and the Tribunal. Apart from the above ..... X X X X Extracts X X X X X X X X Extracts X X X X
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