2006 (3) TMI 60

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....at no addition can be made on the basis of uncorroborated piece of evidence/ document found in the course of search in third party, ignoring the fact that the records pertaining to the assessee were being kept by the person where the search was conducted and the loose papers found during the course of search clearly indicate that not only the assessee was getting additional quarterly payments and perks over and above his salary, but the assessee was also himself dealing with those payments and perks on behalf of the employer company? 3. The factual matrix of the case is that according to the case of the Revenue, a survey was conducted in pursuance of search warrant issued against the premises of J.K.  Industries/J.K. Tyre Ltd. In the ....

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....ssued to Sh. S.C. Sethi. The said certificate truly and correctly records all payments of salary and perquisites made available to the assessee by the company. Save and except the amounts mentioned in the annexed certificate, no other sum of any nature whatsoever was made by the company to Sh. S.C. Sethi from any source whatsoever for his employment. 5. The Corporate Vice President was not further examined by the Assessing Officer. 6. The Commissioner of Income Tax (Appeals) held that none of the entries in the seized documents, relied on by the Assessing Officer indicates that the amount was received by the assessee and the observation of Assessing Officer that page No.67 and 71 indicates the receipt by the assessee is factually incorrec....

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....ndance of said Sh. A.K. Chhajer for being cross-examined by the assessee, therefore, the assessing officer could not have reinstated his earlier assessment order on very same material by ignoring the finding earlier recorded by the Commissioner of Income-tax (Appeals). This order of Commissioner of Income-tax (Appeals) was affirmed in appeal by the Income Tax Appellate Tribunal which is subject matter of this appeal. 10. The facts stated above clearly indicate that no question of law arises in this appeal. The finding recorded by the Tribunal are findings of fact affirming the earlier finding of fact recorded by the Commissioner of Income Tax (Appeals). Apparently when the loose papers by itself did not indicate receipt of alleged undisclo....