2022 (6) TMI 1105

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....5-16. 2. Since in the captioned appeals before us the grievances of the Revenue are identical and were heard together, therefore, all these appeals are disposed of by this common order for the sake of convenience and brevity. 3. Issues are common and the underlying facts in issues are also common, though the quantum of addition by the Assessing Officer may differ in all the three appeals. 4. The representatives of both the sides were heard at length, the case records carefully perused. 5. The ld. DR placed strong reliance on the assessment order and read the relevant part of the assessment order making the impugned additions. 6. Briefly stated, the facts of the case are that a search and seizure operation u/s 132 of the Income-tax Act,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sing Officer formed a belief that the assessee was having undisclosed stock also and basis the stock in trade turnover ratio, the Assessing Officer estimated the undisclosed stock and made addition of Rs. 1,92,22,131/- in Assessment Year 2013-14, Rs. 3,08,06,506/- in Assessment Year 2014-15 and Rs. 3,66,18,404/- in Assessment Year 2015- 16. 11. Additions were assailed before the ld. CIT(A). 12. After considering the facts and submissions, the ld. CIT(A) was convinced that the assessee has not accounted for 2/3 of its sales in its books of account as appearing in the seized documents. The ld. CIT(A) was also convinced that the Assessing Officer was justified in calculating the figures of unaccounted sales. However, at the same time, the ld....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....isions of section 132(4A) of the Act shows that there is a presumption that the entries found in the seized documents are true and correct and if the revenue draws support from such presumption, then such presumption is also correct in respect of all the entries in the books and seized documents. 17. We are of the considered view that once drawn presumption that the contents of the documents of the assessee taken into possession during the search were true, then the same holds good for the entire entries found in those documents which means that the Assessing Officer cannot ignore the unaccounted expenses resulting into net losses in the captioned Assessment Years. 18. Coming to the facts of the case in hand, we find that the additions ma....