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TMI Blog2024 (9) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst such documents. It is surprising to note that no addition has been made against the documents marked as incriminating Annexure B 2(23). The document dated 28/04/2017, is only an estimate of profit provided the price is quoted within the certain range. Nowhere it has been brought on record that actual price charged for resin capsules was within the same price range. Similar orders were passed verbatim for the other entities namely Techno Precision Engineers Ltd. and Support Technologies Ltd. The same document is pertaining to multiple entities as per the Assessing Officer who is same for all the assessees. We ask a question to ourselves as to whether it is at all possible? Abject non application of mind and brazen untenable stand of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 17, 2017 18 and 2018 19. 2. Since all these appeals pertain to the same assessee involving common issues arising out of identical set of facts and circumstances, except variation in figures, therefore, as a matter of convenience, these appeals were heard together and are being disposed off by way of this consolidated order. However, in order to understand the implication, it would be necessary to take note of the facts of one appeal. We are, accordingly, narrating the facts, as they appear in the appeal in ITA no.91/Nag./2024, for assessment year 2012 13, the decision of which shall mutatis mutandis apply to the appeals for other years as well. ITA No.91/Nag./2024 Assessee s Appeal A.Y. 2012 13 3. Following grounds have been raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence illogical. (5) That the learned CIT(A) erred in law and on facts in disregarding the fact that the seized documents relied upon by AO to make the additions neither belonged to assessee nor to the year under consideration and hence no addition could be made on basis of same. On the facts of case, the additions made by AO did not arise from the any seized documents relating to assessee and hence was void-ab-initio and the CIT(A) erred in confirming the same. The action of authorities is unjustified and liable to be quashed. (6) That the learned CIT(A) erred in law and on facts in confirming the action of AO in charging interest u/s. 234B of the Income Tax Act. The interest charged is improper. (7) That for any other ground with kind pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r concern 1 6 Sheet containing the cost calculation of Resin Capsules manufactured by the assessee and its sister concern 7. On a perusal of the aforesaid seized documents, it was noticed that the assessee company s profit margin of resin capsules manufactured by the assessee company was @ 20% for each year i.e., for all the years under consideration. The Assessing Officer completed the assessment under section 143(3) r/w section 153C of the Act on 26/12/2019, determining total assessed income at ₹ 84,990. Aggrieved, the assessee filed appeal before the first appellate authority. 8. The learned CIT(A) confirmed the order passed by the Assessing Officer by rejecting the submissions made by the assessee. The assessee again being aggriev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Page 17 to 21 of B-2(23)) were found and seized from premises M/s Techno Precision Engg. Pvt Ltd, W-135 Hingna, MIDC, Industrial Estate Nagpur containing sales figure of group companies like M/s Techno Precision Engg. Pvt Ltd, M/s support Technologies. M/s Precision Components Hitech Pvt. Ltd., M/s. Mine Aid Product Pvt Ltd etc. These group companies are controlled by the family members of Gupta group and are involved in the production of the Resin and Cement Capsules. The multiple companies have been floated for the tender purposes. The same is supported by incriminating material seized and inventoried as A1-31. Placed on record. The page no 1 to 6 of the seized document Annexure B-2(23), containing pages from 1 to 24 is related to cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ged for resin capsules was within the same price range; (iv) Similar orders were passed verbatim for the other entities namely Techno Precision Engineers Ltd. and Support Technologies Ltd. The same document is pertaining to multiple entities as per the Assessing Officer who is same for all the assessees. We ask a question to ourselves as to whether it is at all possible? Abject non application of mind and brazen untenable stand of the Assessing Officer is displayed; (v) An estimated profitability statement is held to be constant for seven years ignoring inflation. Then why for purpose of computing long term capital gain cost inflation index changes every year as enshrined in section 48 of the Act. The Satisfaction Note drawn on a combined b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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