2015 (1) TMI 420

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.... survey under Section 133A on 28th March, 2006. Some group companies/associates were subjected to search and seizure operations under Section 132 of the Act and a document Annexure-12 was found from the custody of Yogesh Gupta, a director of the respondent company. The said document is not signed by any person and has been quoted in the assessment order. For the sake of completeness, we are also reproducing the same:- "Dear Yogesh The following amount has been received by you/your company as the loan/advances for booking of flat for which you/your company have executed the promissory Note/Agreement/receipt and is still outstanding. You are therefore requested to clear the amount to avoid any unpleasant circumstances.  S.No. ....

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....y and the tribunal affirmed the said decision. The reasons given by them are as under:- (i) Return of income filed by the assessee under Section 153A for the assessment years 2001-02 to 2003-04 have been accepted on the declared income. The figures tally with the returns of income filed under Section 139(1). No addition was made by the Assessing Officer in the proceedings under Section 153A read with Section 143(3). This aspect is partly relevant but does disclose/show that no addition on account of interest paid/payable towards unaccounted loans/deposit was made. (ii) The document A-12 relied upon by the Assessing Officer uses the words 'loan as well as the advances for booking of flats'. It was not verified whether the amounts recei....