2013 (3) TMI 671

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....a Rao ORDER PER CHANDRA POOJARI, AM: This appeal by the Revenue is directed against the order of the CIT(A)-III, Hyderabad dated 26.3.2009 for assessment year 2006-07. 2. The crux of the grounds raised by the Revenue is deletion of addition of Rs. 1.25 crores. Brief facts of the issue are that the assessee firm is engaged in construction business. It filed its return for A.Y. 2006-07 s....

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....-09 as the GPA dated 16/02/2007 was registered in the month of April, 2007. No investment was made in this project in the previous year relevant to A.Y. 2006-07. No investment was made in the MKD Site since the ULC Approval was not received for this Site. Hence, the cash investment mentioned in respect of these two sites in the impounded document was only the projected/proposed investments. The ca....

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....serving that addition is based only on loose sheets. Further he observed that a charge on the basis of the impounded/seized document can be levied only when the document is a speaking one and should speak either out of itself or in the company of other material found on investigation. The speaking from the document should be loud, clear and unambiguous. If it is not so, then the document is only a....

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....ing the course of survey are only circumstantial evidence. There should be cogent material to substantiate the loose slips. Income of the assessee is to be computed by the Assessing Officer on the basis of material available on record which itself shall show the details of the addition. It is very important to have direct evidence or conclusive evidence to determine the income. The Assessing Offic....