The Tax Publishers2019 TaxPub(DT) 4191 (Mum-Trib)

INCOME TAX ACT, 1961

Section 153C

Admission is a best piece of evidence, but that by itself is not a conclusive evidence unless it is supported by further evidence in the form of incriminating materials. In the instant case there was no reference to seized material found during the course of search vis-a-vis addition made by AO towards on-money, accordingly addition was deleted as regular assessment for the concerned year remained unabated as on the date of search.

Search and seizure - Assessment under section 153C - No incriminating material found during search - Addition on the basis of statement recorded during search in case of third party

AO based on statement recorded during search in case of certain group reopened assessment under section 153C in assessee's case and made addition on account of receipt of on-money over and above registered value on sale of residential commercial premises. Held: Admission is a best piece of evidence, but that by itself is not a conclusive evidence unless it is supported by further evidence in the form of incriminating materials. In the instant case there was no reference to seized material found during the course of search vis-a-vis addition made by AO towards on-money, accordingly addition was deleted as regular assessment for the concerned year remained unabated as on the date of search.

Relied:CIT v. Kabul Chawla (2016) 380 ITR 573 (Del) : 2015 TaxPub(DT) 3486 (Del-HC), CIT v. Continental Warehousing Corporation (Nhava Sheva) Ltd. (2015) 374 ITR 645 (Bom) : 2015 TaxPub(DT) 2182 (Bom-HC), CIT v. M/s. Murli Agro Products Ltd. [Income Tax Appeal No. 36 of 2009, dt. 29-10-2010] : 2014 TaxPub(DT) 3361 (Bom-HC)

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :



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