2016 (8) TMI 268

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....nd 2008-09 respectively. 2. We heard learned counsel for the assessee and the senior counsel for the Revenue. 3. The assessee is a partnership firm. It originally declared loss for both the years under reference. Search under section 132 of the Income Tax Act was carried out in the business premises as well as the residential premises of the partners and books of accounts and other documents were seized. Notices under section 153A of the Act were issued and in response thereto, the assessee filed return on 20.1.2009, declaring loss of Rs. 16,75,385/- for both the years. Notices under section 143(2) were issued and on the basis of the statement of one of the partners under section 132(4), assessments were made. Aggrieved by the assessment ....

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....far as the first question relating to the statement of one of the partners recorded under section 132(4) is concerned, it was the contention of the assessee that the person whose statement was recorded is one Jabir who is a 22 year old son of the Managing Partner. According to the counsel, he was only a student and was not involved in the business and that therefore, his statement, which was not a corroborated one, should not have been acted upon. However, we find from the order passed by the Tribunal that the statement recorded under section 132(4) was attested by two witnesses. The statement was also not retracted in any manner. The assessing officer first appellate authority and the Tribunal were satisfied that Sri.Jabir was actively inv....