FALCON MARINE EXPORTS LIMITED,BHUBANESWAR vs. DCIT, CENTRAL CIRCLE 1, BHUBANESWAR
What did the Tribunal hold?
The Tribunal held that the seized material, an unsigned Excel sheet, and statements from unconnected persons are insufficient to establish that the assessee paid 'on money' for land purchases. The revenue failed to prove the existence of undisclosed income based on the seized documents.
What were the facts?
During a search operation, the assessee, a prawn exporter, was found to be in possession of an Excel sheet detailing land purchases. This sheet indicated 'other' payments, which the revenue interpreted as 'on money'. The assessee argued that statements from unconnected persons were used to conclude this, and the seized material was unsigned.
What were the issues?
Whether unsigned seized material and statements from unconnected persons can be used to prove undisclosed income in the form of 'on money' payments for property acquisition.
Which sections of the Income-tax Act were involved?
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Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK
Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR
Heard together (6 matters)
Read from the judgment's own cause title. This page is filed under one of them.
Per Bench: These are appeals filed by the assessee against the consolidated order of the Ld.CIT(A), Bhubaneswar-2 dated 9.4.2026 for the assessment years 2015-16, 2016-17, 2017-18, 2021-22, 2022-23 & 2023-24, respectively.
Shri D.Parida/C.Parida, ARs appeared for th
The order continues below.
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