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| The Tax Publishers2020 TaxPub(DT) 0972 (Del-Trib) INCOME TAX ACT, 1961
Section 153C
Where assessee partly accepted entries in documents seized, which confirmed that the documents were related to the assessee, but the assessee failed to explain the balance entries reflected in those documents, the CIT (A) was justified in sustaining addition made in respect of the balance entries that the assessee failed to explain or reconcile with its books of account.
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Search and seizure - Assessment under section 153C - Addition on basis of incriminating material unearthed during course of search -
During course of search and seizure action in case of a person 'K', certain incriminating document related to assessee-company were found. AO confronted the document to the assessee and also recorded statement of the directors of the assessee under section 131. In view of the failure on the part of the assessee to explain those documents, the AO made certain additions to the income of the assessee. Further, CIT (A) only gave part relief to the assessee by deleting some additions. Aggrieved, assessee was in appeal. Held: Since assessee partly accepted entries in documents seized, which confirmed that the documents were related to the assessee, but the assessee failed to explain the balance entries reflected in those documents. The CIT (A) was justified in sustaining addition made in respect of the balance entries that the assessee failed to explain or reconcile with its books of account.
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2012-13
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