TaxTMI 
TaxTMI 
2023 (7) TMI 1277
X X X X Extracts X X X X
X X X X Extracts X X X X
....2. Brief facts of the case are that assessee is engaged in execution of infrastructure projects like irrigation canals, dams, roads, buildings and civil erection works in power and industrial segments. For the assessment year 2019-20, assessee filed its return of income on 31/10/2019, declaring total income at Rs. 15,72,31,620/-. A search and seizure operation under section 132 of the Income Tax Act, 1961 (for short "the Act") was conducted in the case of M/s. Prathima Infrastructure Pvt. Ltd., and its associated entities on 06/02/2020, and the assessee was also covered in the search and seizure operation. In response to the notice under section 153C of the Act, the assessee filed the return of income on 02/11/2021, admitting total income a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion to the facts of the case. It was further contended that addition is purely based on presumptions and conjectures, without having any corroborative evidence and provisions of law. According to the assessee, these loose sheets are not to be considered since the books maintained in the regular course of business and, therefore, in view of the decision of the Hon'ble Supreme Court in the case of CBI vs. V.C. Shukla [1998] AIR Vol.3 SC 410, relying upon the loose sheets to make the addition, cannot be sustained. 6. Learned CIT(A) perused the paper book filed by the learned AR and from the ledger account of Shri V. Radhakrishna, which shows that the assessee borrowed Rs. 5 crores from Shri V. Radhakrishna and other entities are tallying ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s not speak of any cessation of such liability. He, accordingly, contends that when the document speaks that a sum of Rs. 1 crore was paid towards part payment of the interest, there is no presumption under law that the entire interest was paid. 9. Per contra, learned DR contends that when the contents of WhatsApp documents are compared with the books of the assessee, the date of borrowings are tallied and as rightly found out by the learned CIT(A), the data found on the interest computation sheet directly matches with the ledger accounts in the books of the assessee and, therefore, the interest computation did not found in WhatsApp chat is not a dumb document and got an evidentiary value. When such a document recovered from the possession....