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“seized material”

Search & SeizureSection 153ASection 153A12,214 judgments

The decision most relied on for seized material is Pr. CIT v. Abhisar Buildwell (P.) Ltd. (149 Taxmann.com 399), cited in 2,379 judgments on BharatTax.

Leading authorities on seized material

Pr. CIT v. Abhisar Buildwell (P.) Ltd.
149 Taxmann.com 399 · 2023 · Supreme Court
2,379
citing judgments

No income can be quantified or disallowance made under Section 153A of the Income-tax Act unless it is justified on the basis of material seized during the course of the search.

CIT v. Calcutta Knitwears
362 ITR 673 · 2014 · Supreme Court
528
citing judgments

For initiating proceedings under Section 153C, the Assessing Officer of the searched person must record a satisfaction that seized material pertains to a third party, and the Assessing Officer of that third party must also record satisfaction that the material has a nexus to undisclosed income.

ACIT v. Serajuddin & Co.
163 Taxmann.com 118 · 2024 · Supreme Court
500
citing judgments

Strict adherence to approval protocols under Section 153D, including those in the Departmental Manual of Office Procedure, is essential for search assessments. An assessment is invalid if the approving authority fails to apply its mind or consider all relevant seized material before granting approval.

CIT v. Murli Agro Products Ltd.
49 Taxmann.com 172 · 2014 · High Court
331
citing judgments

In assessments under Section 153A, additions for unabated assessment years are permissible only if based on seized or incriminating material discovered during the search.

ARN Infrastructure India Ltd. v. Asstt. CIT
394 ITR 569 · 2017 · High Court
282
citing judgments

For initiating proceedings under Section 153C, seized documents must be incriminating and specifically relate to the assessment years for which assessments are reopened. A document relevant only for one year cannot be used to reopen other assessment years without being incriminating for those years.

CIT v. Ashwani Gupta
322 ITR 396 · 2010 · High Court
262
citing judgments

Proceedings become fatal if principles of natural justice are violated, such as when seized material is not provided to the assessee or cross-examination of a person whose statement the Assessing Officer relies upon is denied.

CIT v. Jasjit Singh
155 Taxmann.com 155 · 2023 · Supreme Court
235
citing judgments

For assessments under Section 153C concerning a non-searched person, the relevant date for calculating the block of assessment years is the date on which the jurisdictional Assessing Officer of that person assumes possession of the seized material, not the date of the original search. This date determines the look-back period for reopening assessments under Section 153A read with 153C.

Saksham Commodities Ltd. v. Income Tax Officer
161 Taxmann.com 485 · 2024 · High Court
196
citing judgments

Recording satisfaction under Section 153C for initiating proceedings against a third person is not a mechanical exercise; it requires a finding that seized material has a direct bearing on the third person's income, and improper satisfaction vitiates the assessment. Abatement under the second proviso to Section 153A is an inevitable consequence of a search, irrespective of the Assessing Officer's opinion on the material's impact.

Judgments citing seized material

Income Tax Officer-19(3)(1), Mumbai vs. Spark Gems, Mumbai

In the result appeal of the Revenue is dismissed

ITA 3616/MUM/2024[2012-13]Status: FixedITAT Mumbai13 Dec 2024AY 2012-13
Section 147Section 148Section 271(1)(c)

find to give much credence to the submitted documents to override the clear admission by the Jains before the Investigation Wing, backed by the seized material from their places, to conclude that, the entries were nothing but accommodation entry. (e) Under the above stated facts, it is concluded that

Sky Blue Infotech Pvt Ltd, New Delhi vs. ITO Ward - 23(4), New Delhi

In the result, appeal of the assessee is partly allowed as

ITA 438/DEL/2020[2010-11]Status: DisposedITAT Delhi13 Dec 2024AY 2010-11

Bench: Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.438/Del/2020 िनधा"रणवष"/Assessment Year: 2010-11 बनाम Sky Blue Infotech Pvt. Ltd. Income Tax Officer 206, Hans Bhawan, 1, Vs. Ward-23(4), Bahadurshah Zafar Marg, Room No.246, C.R. Bldg., New Delhi. I.P. Estate, New Delhi. Pan No. Aalcs1584K अपीलाथ" Appellant ""यथ"/Respondent

Section 147Section 148Section 151Section 271(1)(c)Section 68Section 69C

providing accommodation entries. 2. Further, there is specific reference in para 10 (PB 21- 22) and para 14-15 (PB 25-26) various seized material has been discussed which includes Annexure A-150 pages 1- 13 (PB 26) and other details showing amount of commission and payments to various middlemen ... under other sections of the Act including sec 147/148 of the Act. Recently, on the exactly identical facts where reassessment proceedings, based on the seized material from Sh S.K. Jain Group initiated u/s 147/148 of IT Act, were quashed in view of Section 153C being independent code in the decisions

Dayal Cotspin Limited, Akola vs. ACIT, Akola Circle, Akola

In the result, appeal filed by the assessee is allowed

ITA 87/NAG/2024[2012-13]Status: DisposedITAT Nagpur12 Dec 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Abhay Y. Marathe
Section 132(1)Section 142(1)Section 143Section 143(3)Section 147Section 148Section 154Section 234ASection 68

record to derive satisfaction of escapement of income. 3. No notice u/s 148 of I.T. Act 1961 could be issued on the basis of seized material found in search action u/s 132(1) of I.T. Act 1961 on the premises of Amarpali group in October 2012. 2 Dayal Cotspin ... Jhaveri Trading & Investment Private Limited as per the instructions of the promoters or key persons of these companies. Dayal Cotspin Ltd. 4. From the seized material it was established that M/s. Dayal Cotspins Ltd. is one of the beneficiaries which has received bogus accommodation entries. From the case records

Surya Jyoti Software Pvt. Ltd., New Delhi vs. ITO Ward - 24, New Delhi

In the result, the appeal of the assessee is allowed

ITA 4740/DEL/2019[2009-10]Status: DisposedITAT Delhi12 Dec 2024AY 2009-10

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2009-10] Surya Jyoti Software Pvt.Ltd., Vs Ito, 206, Hans Bhawan, 1, Ward-24, Bahadurshah Zafar Marg, New Delhi. New Delhi-110002. Pan-Aalcs5682G Appellant Respondent Appellant By Shri S.K.Gupta, Ca Respondent By Shri Narpat Singh, Sr. Dr Date Of Hearing 07.10.2024 Date Of Pronouncement 12.12.2024

Section 131Section 143(3)Section 147Section 263Section 271(1)(c)Section 68Section 69C

brothers, directors of Shalini Holdings Ltd. alleged Surya Jyoti Software Pvt.Ltd. vs ITO intermediary, copies of the orders of Jain Brothers and the relevant seized material relied upon has not been provided to the assessee. 2. The learned assessing officer has erred on facts and in law in making ... means to establish the bonafides of receipt from M/s. Shalini Holdings Ltd. whereas the Revenue has failed to provide cross- examination, copy of seized material etc. in violation of principles of natural justice. The action of the Revenue thus is wholly unfounded in law in the light of plethora

Dy. CIT, Central Circle-2(2), Chennai vs. Natesan Sabesan, Chennai

In the result, both the appeals of the Revenue for AY 2018

ITA 974/CHNY/2022[2019-20]Status: DisposedITAT Chennai11 Dec 2024AY 2019-20

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Respondent: Mr. R. Clement Ramesh
Section 132

against the Ld. CIT(A)’s action of deleting the addition made by the AO treating the noting’s found in the seized material as unaccounted cash found in the seized material as unaccounted cash found in the seized material as unaccounted cash receipts and instead, holding ... seized In light of the above, the assessee was confronted with the seized In light of the above, the assessee was confronted with the seized material and the above statements and his statement is noted to have material and the above statements and his statement is noted to have material

Dy. CIT, Central Circle-2(2), Chennai vs. Natesan Sabesan, Chennai

In the result, both the appeals of the Revenue for AY 2018

ITA 973/CHNY/2022[2018-19]Status: DisposedITAT Chennai11 Dec 2024AY 2018-19

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

For Respondent: Mr. R. Clement Ramesh
Section 132

against the Ld. CIT(A)’s action of deleting the addition made by the AO treating the noting’s found in the seized material as unaccounted cash found in the seized material as unaccounted cash found in the seized material as unaccounted cash receipts and instead, holding ... seized In light of the above, the assessee was confronted with the seized In light of the above, the assessee was confronted with the seized material and the above statements and his statement is noted to have material and the above statements and his statement is noted to have material

Beachwood Properties Private Limited, Mumbai vs. DCIT, Central Circle -4(1), Mumbai

ITA 5515/MUM/2024[2019-20]Status: DisposedITAT Mumbai11 Dec 2024AY 2019-20

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawal

Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

Beachwood Properties Private Limited, Mumbai vs. DCIT, Circle -4(1), Mumbai

ITA 5514/MUM/2024[2018-19]Status: DisposedITAT Mumbai11 Dec 2024AY 2018-19

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawal

Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

Beachwood Properties Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Central Circle -4(1), Mumbai

ITA 5513/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Dec 2024AY 2017-18

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawal

For Respondent: Shri Vijay Mehta, CA and
Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

Beachwood Properties Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Central Circle -4(1), Mumbai

ITA 5512/MUM/2024[2016-17]Status: DisposedITAT Mumbai11 Dec 2024AY 2016-17

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawal

Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

Beachwood Properties Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Central Circle -4(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5511/MUM/2024[2015-16]Status: DisposedITAT Mumbai11 Dec 2024AY 2015-16

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

For Appellant: Shri Vijay Mehta, CA and Shri K.S. KarthikeyanFor Respondent: Shri Kailash C. Kanojiya, CIT DR
Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

Beachwood Properties Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Central Circle -4(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5510/MUM/2024[2014-15]Status: DisposedITAT Mumbai11 Dec 2024AY 2014-15

Bench: Shri Saktijit Dey, Hon’Ble & Shri Girish Agrawal

For Appellant: Shri Vijay Mehta, CA and Shri K.S. KarthikeyanFor Respondent: Shri Kailash C. Kanojiya, CIT DR
Section 132Section 153CSection 69C

addition made u/s.69C for expenditure incurred in cash based on certain entries appearing in loose paper, rough diaries, sheets, etc., referred to as seized material found during the course of search at the premises of one of the group company of the assessee. Assessee in the present case is “other ... cash payments relating to the assessee for the years under consideration before the Tribunal. 3.2. In response to the above analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff

ACIT, Central Circle-3(1), Hyderabad vs. Vamsi Mohan Vallabhaneni, Vijayawada

In the result, the appeal of Revenue is allowed for statistical purposes

ITA 324/HYD/2023[2010-11]Status: DisposedITAT Hyderabad10 Dec 2024AY 2010-11

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdiaassessment Year: 2010-11 Deputy Commissioner Of Income Vs. Sri Vamsi Mohan Vallabhaneni, Tax, R/O.Vijayawada. Central Circle – 3(1), Hyderabad. Pan : Adrpv4231C (Appellant) (Respondent) Assessee By: Shri P. Murali Mohan Rao, C.A. Revenue By: Ms. M. Narmadha, Cit-Dr Date Of Hearing: 10.12.2024 10.12.2024 Date Of Pronouncement:

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: Ms. M. Narmadha, CIT-DR
Section 132Section 142(1)Section 143(2)Section 143(3)Section 153C

same for both the searched person and other person had recorded satisfaction in the file of the other person to the effect that the seized material belonged to the other person, therefore the provisions of section 153C of the Act have been complied with. 4. The Ld. CIT(Appeals) erred

Sakthi Realty Holdings Pvt. Ltd., Coimbatore vs. DCIT, CC-2, Coimbatore

The appeal stand partly allowed in terms of our above order

ITA 1164/CHNY/2024[2017-18]Status: DisposedITAT Chennai10 Dec 2024AY 2017-18

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1164/Chny/2024 (िनधा)रण वष) / Assessment Year: 2017-18) M/S Sakthi Realty Holdings Ltd. Dcit बनाम/ #62, Dr. Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaeca-8414-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) -Ld. DR

taxed the receipts considering the same to be the unaccounted income of the assessee. The same is in contrast to the fact that the seized material also contain the details of refund as well as payment of incentive / interest. It could be seen that the assessee is engaged in real ... conclusion of Ld. AO that these receipts constitute the income of the assessee is clearly opposed to nature of entries as recorded in the seized material. It is trite law that the purpose of assessment is to determine the correct income of the assessee and only real income could

Sakthi Realty Holdings Pvt. Ltd., Coimbatore vs. DCIT, CC-2, Coimbatore

The appeal stand allowed in terms of our above order

ITA 1163/CHNY/2024[2016-17]Status: DisposedITAT Chennai10 Dec 2024AY 2016-17

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1163/Chny/2024 (िनधा)रण वष) / Assessment Year: 2016-17) M/S Sakthi Realty Holdings Ltd. Dcit बनाम/ #62, Dr. Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaeca-8414-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024 आदेश / O R D E R

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) -Ld. DR
Section 132Section 153ASection 153D

advanced various arguments and drew our attention to various documents as placed on record. Our attention has been drawn to seized material and the retraction filed by Shri T. Rajkumar before Ld. AO. The Ld. CIT-DR also advanced arguments and referred to the findings of lower authorities in their ... further appeal. Appellate Proceedings 4.1 The Ld. CIT(A) noted that Shri Senthil Kumar and Shri Velusamy admitted that the amount noted in the seized material represent cash deposits received from various customers and the amounts were not recorded in the regular books of accounts. Shri T, Rajkumar filed

Sakthi Realty Holdings Pvt. Ltd., Coimbatore vs. DCIT, CC-2, Coimbatore

Appeals stand allowed in terms of our above order

ITA 1161/CHNY/2024[2014-15]Status: DisposedITAT Chennai10 Dec 2024AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1161/Chny/2024 (िनधा)रण वष) / Assessment Year: 2014-15) & 2. आयकरअपील सं./ Ita No.1162/Chny/2024 (िनधा)रण वष) / Assessment Year: 2015-16) M/S. Sakthi Realty Holdings Ltd. Dcit बनाम/ #62, Dr. Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaeca-8414-H (अपीलाथ"/Appellant) : (" थ" / Respondent) & 3. आयकरअपील सं./ Ita No.1131/Chny/2024 (िनधा)रण वष) / Assessment Year: 2014-15) M/S. Sakthi Finance Holdings Ltd. Dcit बनाम/ #62, Dr.Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagcs-8531-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) - Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) - Ld. DR
Section 132Section 153ASection 153D

could not be substantiated. The various employees of the group accepted the notings in the seized books. The addition was made on account of seized material which was supported by sworn statements. Though the assessee contended that the amount received were land advances, no efforts were made by the assessee ... such receipts in regular books was also not disputed by the assessee. When the assessee failed to prove genuineness of credits / deposits in seized material, the same is deemed to be its income. Accordingly, the addition was confirmed for both the years against which the assessee is in further appeal

Sakthi Realty Holdings Pvt. Ltd., Coimbatore vs. DCIT, CC-2, Coimbatore

The appeal stand allowed in terms of our above order

ITA 1160/CHNY/2024[2013-14]Status: DisposedITAT Chennai10 Dec 2024AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1160/Chny/2024 (िनधा)रण वष) / Assessment Year: 2013-14) M/S. Sakthi Realty Holdings Ltd. Dcit बनाम/ #62, Dr. Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaeca-8414-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman(Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024 आदेश / O R D E R

For Appellant: Shri R. Venkata Raman(CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) -Ld. DR
Section 132Section 153ASection 153D

could not be presumed that the assessee made such payments. No corroborative evidences were brought on record to substantiate the contents of the seized material. 4.2 However, Ld. CIT(A) rejected the same on the ground that Shri Veluswamy clearly stated that cash payment was made for Rs.11.20 Crores

Sakthi Finance Holidays, Coimbatore vs. DCIT 2, Coimbatore

The appeal stand allowed

ITA 1133/CHNY/2024[2016-17]Status: DisposedITAT Chennai10 Dec 2024AY 2016-17

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1132/Chny/2024 (िनधा)रण वष) / Assessment Year: 2015-16) & 2. आयकरअपील सं./ Ita No.1133/Chny/2024 (िनधा)रण वष) / Assessment Year: 2016-17) M/S. Sakthi Finance Holdings Ltd. Dcit बनाम #62, Dr.Nanjappa Road, Central Circle-2, / Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagcs-8531-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) -Ld. DR

assessee as well as group entity is stated to have received aggregate deposits of Rs.210.10 Lacs during captioned AYs. In the background of seized material and depositions / admissions made by various persons, Ld. AO added the aforesaid deposits as income of the assessee. However, from the facts, it clearly emerges ... taxed the receipts considering the same to be the unaccounted income of the assessee. The same is in contrast to the fact that the seized material also contain the details of refund as well as payment of incentive / interest. It could be seen that the assessee is engaged in real

Sakthi Finance Holidays, Coimbatore vs. DCIT 2, Coimbatore

The appeal stand allowed

ITA 1132/CHNY/2024[2015-16]Status: DisposedITAT Chennai10 Dec 2024AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1132/Chny/2024 (िनधा)रण वष) / Assessment Year: 2015-16) & 2. आयकरअपील सं./ Ita No.1133/Chny/2024 (िनधा)रण वष) / Assessment Year: 2016-17) M/S. Sakthi Finance Holdings Ltd. Dcit बनाम #62, Dr.Nanjappa Road, Central Circle-2, / Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagcs-8531-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) -Ld. DR

assessee as well as group entity is stated to have received aggregate deposits of Rs.210.10 Lacs during captioned AYs. In the background of seized material and depositions / admissions made by various persons, Ld. AO added the aforesaid deposits as income of the assessee. However, from the facts, it clearly emerges ... taxed the receipts considering the same to be the unaccounted income of the assessee. The same is in contrast to the fact that the seized material also contain the details of refund as well as payment of incentive / interest. It could be seen that the assessee is engaged in real

Sakthi Finance Holidays, Coimbatore vs. DCIT 2, Coimbatore

Appeals stand allowed in terms of our above order

ITA 1131/CHNY/2024[2014-15]Status: DisposedITAT Chennai10 Dec 2024AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1161/Chny/2024 (िनधा)रण वष) / Assessment Year: 2014-15) & 2. आयकरअपील सं./ Ita No.1162/Chny/2024 (िनधा)रण वष) / Assessment Year: 2015-16) M/S. Sakthi Realty Holdings Ltd. Dcit बनाम/ #62, Dr. Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaeca-8414-H (अपीलाथ"/Appellant) : (" थ" / Respondent) & 3. आयकरअपील सं./ Ita No.1131/Chny/2024 (िनधा)रण वष) / Assessment Year: 2014-15) M/S. Sakthi Finance Holdings Ltd. Dcit बनाम/ #62, Dr.Nanjappa Road, Central Circle-2, Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagcs-8531-H (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Venkata Raman (Ca) - Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Clement Ramesh Kumar (Cit) - Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 20-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2024

For Appellant: Shri R. Venkata Raman (CA) - Ld.ARFor Respondent: Shri R. Clement Ramesh Kumar (CIT) - Ld. DR
Section 132Section 153ASection 153D

could not be substantiated. The various employees of the group accepted the notings in the seized books. The addition was made on account of seized material which was supported by sworn statements. Though the assessee contended that the amount received were land advances, no efforts were made by the assessee ... such receipts in regular books was also not disputed by the assessee. When the assessee failed to prove genuineness of credits / deposits in seized material, the same is deemed to be its income. Accordingly, the addition was confirmed for both the years against which the assessee is in further appeal