2015 (8) TMI 1210

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....07. 2. The background facts are that a search and seizure operation under Section 132 of the Act was carried out at the residential/ business premises of Mr. Surender Modi, Director of the Respondent Assessee, on 19th June 2009. During the course of search, certain documents stated to be belonging to the Assessee, i.e., Swanpnil Properties (P) Limited (including the document referred to Annexure 29 page 66), were seized. Proceedings under Section 153 C read with Section 153 A of the Act were initiated. 3. In response to the notice issued, the Assessee filed its income tax return declaring Nil income. The Assessing Officer ('AO') proceeded on the basis of the seized documents and made an addition of Rs. 4,80,97,125 towards unac....

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....nexure A-29 page 66) had been initiated by the Department against Inmon. (iii) The contents of Annexure A- 29 page 66 related to property transactions of Inmon as was found in the inquiry in the proceedings initiated for enhancement under Section 251(2) of the Act; (iv) The draft payment and stamp purchases related to Inmon and accounted for by Inmon. Accordingly the enhancement proceedings qua the Assessee were dropped. (v) The mere fact that Mr. Surender Modi had made a declaration of Rs. 20 crores during his statements recorded under Section 132( 4) of the Act in respect of undisclosed income and investment did not relieve the Revenue of the onus of producing supporting evidence, especially in the case of a search, that the tran....