9911796707
TMI Blog2025 (1) TMI 1283X X X X Extracts X X X X X X X X Extracts X X X X ..... bmissions that wrong section is mentioned is not fatal over here, as additions have been made on account of unexplained items found during the course of search from the diary.
Hon'ble Madras High Court in the case of M. Vivek [2020 (11) TMI 953 - MADRAS HIGH COURT] has duly held that loose sheets picked u/s 132, falls within definition of 'document' mentioned in section 132(4) and therefore, it has got evidentiary value. The decisions referred by assessee has no bearing on the present facts of the case. Decided against assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... ta it is seen that the following transactions are not reflected in the books of accounts of either the appellant or the co-developer Om Sai Infrapromoters Pvt. Ltd. It is also seen that the amounts are indicated in lakhs. For example 30 indicates Rs. 30 lakhs. This is so because the corresponding entry in the books of accounts is in lakhs. Thus, if there is 100 written in the diary, then in the books of accounts, 1 Crores is appearing if the entry is matching. 54. To sum up, the following notings are neither reflected in the accounts of the appellant or of the Om Sai Infrapromoters Pvt. Ltd. Date Particulars Amount of Booking (in Cr.) Mode of Payment Name of the company in which amount was received Remarks of the undersigned CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd addition of Rs. 80,00,000/- is deleted. 60. Thus, for the AY 2016-17, no addition is sustained and entire addition of Rs. 4,20,00,000/- is deleted. 61. Thus, for the AY 2017-18, addition of Rs. 16,00,000/- is sustained and addition of Rs. 2,22,00,000/- is deleted. 62. Thus, for the AY 2018-19, addition of Rs. 5,00,000/- is sustained and addition of Rs. 27,00,000/- is deleted. 63. During the course of appellate proceedings, the appellant made an argument that the addition cannot be made u/s. 69A as at the most the amounts not reflected in the books of accounts are business receipts. However, as no specific ground of appeal on this issue is taken, therefore, the issue remains academic in nature and requires no separate adjudication ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e two companies. 55. The year-wise breakup of the undisclosed business income on the basis of the notings in the diary in the case of two companies is computed as under:- Unaccounted receipts as per the diary (amount in Rs. ) Share of income in the hands of Shri Sai Om Infravision Pvt. Ltd. (In Rs. ) Share of income in the hands of Shri Sai Om Infrapromoters Pvt. Ltd. (In Rs. ) AY 2014-15 30,00,000 15,00,000 15,00,000 AY 2015-16 1,00,00,000 50,00,000 50,00,000 AY 2016-17 Nil Nil Nil AY 2017-18 32,00,000 16,00,000 16,00,000 AY 2018-19 10,00,000 5,00,000 5,00,000 56. The year wise unaccounted income u/s. 69A of the appellant company is computed as per the table above. 57. Thus, for the AY 2014-15, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid sustained amounts. . 6. We have heard both the parties and perused the records. Ld. Counsel for the assessee submitted that the additions sustained by the Ld. CIT(A) are on the basis of dumb documents found during the course of search, which were crossed and have no evidentiary value. He further submitted that AO has made addition u/s. 69A of the Act which is not correct course of action. In this regard, he referred the judgement of the Hon'ble Supreme Court passed in the case of M/s D.N. Singh vs. CIT, Central, Patna & Anr. Passed in Civil Appeal Nos. 3738-3739 of 2023 dated 16.5.2023. He further referred the decision of the ITAT, Delhi Bench in the case Naresh Balyan vs. ACIT decided in ITA 3448/Del/2023 (AY 2017-18) vide o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the books of accounts. In our considered opinion, the ld. Counsel's submissions that wrong section is mentioned is not fatal over here, as additions have been made on account of unexplained items found during the course of search from the diary. Furthermore, we find that Hon'ble Madras High Court in the case of M. Vivek vs. DCIT decided on 24.11.2020 [2020] 121 taxmann.com 366 (Madras) has duly held that loose sheets picked u/s 132, falls within definition of 'document' mentioned in section 132(4) and therefore, it has got evidentiary value. The decisions referred by the ld. Counsel for the assessee has no bearing on the present facts of the case. Hence, in our considered opinion, Ld. CIT(A) has passed a reasonable order, which does n ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
