TaxTMI 
TaxTMI 
TaxTMI 
2020 (1) TMI 453
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....ut from the record and documents, are that the assessee is engaged in the business activities in India or elsewhere as traders, merchants, retailers, listeners, stockist, distributors, importers etc under the name and style of M/s AGS Retails Private Limited. There was search and seizure operations under section 132/133A of the Income Tax Act, 1961 (for short "the Act") on 17/08/2011 in the case of the group at various residential and business premises. Assessee filed return of income declaring an income of Rs. 3,55,164/-. Learned Assessing Officer noted that during the search proceedings at the office of the AGS group of offices at Gurgaon documents impounded as Annexure A-5 page No. 57 and Annexure A-8 page No. 58. According to the learne....
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.... evidence on which reliance could be placed such as any copy of agreement signed between the parties or any such other document which has not been prepared by the assessee company on its own. In respect of the bank account, learned Assessing Officer noted that the relationship between the parties and the manner in which the transaction was not entered is not clear from this document. Learned Assessing Officer, therefore, treated the invoice amount as bogus expenses and brought to tax a sum of Rs. 2,61,56,545/-. 5. Aggrieved by the said addition, assessee preferred an appeal before the Ld. CIT(A) and contended that, apart from other activities, the assessee also acts as a liasoners, stockists and broker which is verifiable from the Memoran....
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....ion as per the two invoices were not finding place in the accounts/books of assessee are baseless. Ld. CIT(A) was also of the opinion that form AS-26 is an independent document prepared by a government agency of the Income Tax Department and such form AS-26 reflects the deduction of TDS by both the parties in question. On these facts and circumstances, Ld. CIT(A) reached to conclusion that there was no justification for the addition of Rs. 2,61,56,545/-and, therefore, directed the deletion of the same. 7. Revenue is, therefore, aggrieved of such findings of the Ld. CIT(A) and preferred this appeal. Contention of the Ld. DR is that when the Ld. CIT(A) was relying on the agreement between M/s Vivek Pharmachem and the assessee which was subm....
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....reas he brought the entire amount covered by the invoices to tax, which was already shown in the books of accounts for the tax purposes and taxes were paid. 9. We have gone through the record in the light of the submissions made on either side. Assessee admitted to have received the amounts covered by the invoices. There is no comment on the books of accounts of the assessee by the learned Assessing Officer, but according to the learned Assessing Officer there is no document which has not been prepared by the assessee company on its own in support of the contentions of the assessee. It is also an admitted fact that the party who paid the sums to the assessee have deducted TDS on such amounts as reflected in form AS-26. These receipts of t....