AI Drafter 
TaxTMI 
TaxTMI 
2020 (4) TMI 533
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....confirming the addition of Rs. 50 lacs being undisclosed investments u/s 69 of the Act on account of alleged cash loan given a) by holding content of dumb documents i.e. page 93, 94 and 95 seized from the business premises of M/s Prakash Industries Limited during search action as true. b) without considering the fact that content of the affidavit have been confirmed by Ld. AO through cross examination of the deponents and by recording their statement during remand proceedings. c) by holding that retraction of statement by appellant, filing of affidavits and denying of receipt of loan by the parties (deponents) in their statement is just after thought without bringing any material in support of his contention." ....
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....ings of search wherein the assessee while answering the details regarding the seized pages numbered 93, 94 and 95, has submitted as under: "Question no. 38: I am showing you page no. 93, 94 and 95 of Annexure A- 12 seized from you premises at Brijwasan. Please explain the contents of these pages. Answer: Page No. 93 and 95 are repeats. Page No. 95 is a receipt given by Sh. C.B. Bansal, Advocate R/o Laxmi Nagar Area for the cash loan (loan given in cash) given by me to him. This loan of Rs. 15 lacs was given to him sometimes in the month of October 2012. Out of my cash balance page n. 94 is a receipt given by Mahamantra Das of Iskcon Temple for the loan given in cash by me to him amounting to Rs. 20 lacs. This loan was give....
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....me earned by me or the group of companies in any manner. There was not even an iota of evidence found by the Department to even remotely establish that any undisclosed income was made by me or any of the group companies. There was also no evidence what so ever to show that any cash has been generated or paid to anybody for bringing any share capital, share application or unsecured loan. Hence, I can say with authority and conviction and full knowledge that none of the allegations made against me and the group is backed by any documentary evidence found during the course of search. I was compelled to sign documents/statements which, respectfully submitting, were mere figments of the imagination of the concerned officers. I, therefor....
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....ted that you had received of Rs. 30 lakh (15+15) as loans from him (Sh. Ved Prakash Agarwal) as declared this amount as additional income. How you are denying the receipt. Particularly, in view of the effect that you have not brought any record/documents. Ans.: I am not aware of the same. Q.No. 8: Where are you assessed to tax? Ans.: I am presently assessed with Circle 58(1), Delhi and my PAN No. is AATPB5963C. Q.No.: How do you know M/s Prakash Industries Ld.? Ans.: I am consultant of M/s Prakash Industries Ltd." 11. In addition, Sh. C.B. Bansal has also filed an affidavit dated 10.03.2015 before the Assessing Officer reaffirming his statement. 12. Further, the Assessing Officer has also r....
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....t dated 20.03.2015 before the Assessing Officer reaffirming his statement. 14. We find all these facts have been available before the ld. CIT (A). However, the ld. CIT (A) did not accept the evidences filed by the assessee during the remand report and held that the statements and affidavits are nothing but an afterthought and only to help the assessee. 15. Holding this, he confirmed the addition. We also find that the ld. CIT (A) has also confirmed the fact that "the three unsigned receipts are incriminating documents found in the search and seizure action u/s 132, which shows actual transactions have been taken place. On going through the entire factual position, we are unable to accept with the observation of the ld. CIT (A) who ....