TaxTMI 
TaxTMI 
2017 (1) TMI 1157
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....1961 (hereinafter to be referred as 'the Act'), aggrieved by a decision of the Income Tax Appellate Tribunal (ITAT). Allowing the assessee's appeal, it is urged that the ITAT's reversal of the concurrent findings of the Revenue Authorities is on a misappreciation of the facts and law. 3. Search and seizure proceedings were conducted in respect of Thapar Group and Companies and one Mr. B.K. Dhingra, one of its directors. Since Mr.Inder Mohan Thapar is the director/assessee and in respect of which regular proceedings for Assessment Year 2009-10 were pending, an inquiry was made into its accounts, based upon the recoveries made in the course of search. So far as the assessee was concerned, a chart found in the premises of Mr. B.K. Dhingra, ....
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.... close associate of the appellant company itself. Ld. AO has not led any evidence that Shri Dhingra looks after the affairs of the company in any manner the evidence of actual transaction of those parties and it is unaccounted income of these companies. ii. On 20.8.2008 search on Thapar Homes Group as well as survey on the assessee were carried out. Admittedly, during the course of search the charts as well as the counterfoils of the chequebooks were found from Shri B K Dhingra. However, during survey no evidences with respect to the projects whether in existence or not for which the statement is found, whether the counterfoils of cheques, which were relied up on whether cleared in the bank, account of the appellant were examined.....
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....pellant and two other companies would have been known to revenue. The reason why those cheques were issued but were never came in to the bank accounts of the appellant and whether they are really handed over to the appellant company is also not known to revenue. It is an uncontroverted facts that those cheques remaining nontransacted. Contrary to that appellant has discharged its onus by producing the confirmation of those parties that they have neither booked any premises with the appellant company and therefore have not paid any sum. v. It is the allegation of the revenue that these companies are the bogus companies floated by one Shri B K Dhingra and they are used for capital formation activities. This fact merely remains a conjecture....
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....e possession of the person then the presumption arises against that person. According to us, the reliance on it is unfounded as there are no documents found from the possession of the assessee or at the premises of the assessee. It was found from Shri B K Dhingra who has no business relationship with the appellant company. ix. Ld CIT (A) has held that details mentioned in the chart are not projections but actual transactions. This assertion of Ld. CIT (A) is also not supported by evidences because in those circumstances the' cheques issued by those companies should have been reflected in the bank statements of the appellant companies. It is unassailed that these cheques have never been credited in the bank account of the appellant....