TaxTMI 
TaxTMI 
2022 (5) TMI 851
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....se and its finding will be applied to other case. The assessee has assailed the impugned order on the following grounds before us: "1. On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of the investigation wing in initiating search and seizure action against the appellant, which is bad, illegal, void and is without jurisdiction as the same was merely on suspicion without any evidence or material information, more so when the survey was already undergoing and found nothing incriminating and without the satisfaction of requirements of section 132(1) of the Act. 2. On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in con....
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....lant craves leave to add, amend, alter or delete the said ground of appeal. 2. This case was listed for hearing before us on nine occasions but neither the assessee has attended the appellate proceedings nor furnished any details before us, therefore, the appeal of the assessee is adjudicated after hearing the ld. D.R and after taking into consideration the material on record. 3. The fact in brief is that return of income declaring total income at Rs.501,01,890/- was filed on 28.09.2010. Assessment u/s 143(3) of the Act was completed on 26.11.2012 assessing the total income at Rs.502,24,660/- . The search and survey action was carried out in the case of Shri Pravin Kumar Jain and his group concern on 1.10.2013 resulted into collection....
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....djudicated together. The survey action which was commenced on 25.03.2014 at the premises of the assessee was converted into search action on 28.03.2014. During the course of search action several evidences were found which revealed that the assessee's claim of acquiring and installing certain assets at its factories was found to be non-genuine considering that the inword registers of such factories did not have any such entries of having received/installed the said assets. The details of such incriminating evidences are elaborated at page 12 of the order of the ld. CIT(A) and the same was also corroborated by the statements recorded of the relevant persons at the time of search action. Similarly, premises of Hasmukh Mehta who had acted as a....
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....o the bogus capital assets @ 15% per annum on the total amount of expenditure incurred towards the bogus capital assets, and disallowed Rs.17,51,188/- out of interest expenditure claimed by the assessee. 7. During the course of appellate proceedings before the ld. CIT(A) the assessee was asked to furnish the detail of the funds actually utilized in acquiring bogus capital assets, however, the assessee had failed to furnish the required details. Considering the detailed finding of the ld. CIT(A) showing that claim of interest expenditure were related to bogus capital assets and assessee was failed to prove contrary in spite of giving opportunity, this ground of appeal of the assessee stand dismissed. Ground No. 5: Addition made u/s 69C....