2024 (7) TMI 145

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in law, the Hon'ble ITAT erred in deleting the addition of Rs. 2,28,54,314/- made on account of unexplained expenditure despite the said entry appearing in seized diary during the course of search action under Section 132 of the IT Act 1961 on 21.4.2010 and the assessee was not able to correlate its claim that the amount of Rs. 2,28,54,314/- is out of income disclosed in earlier years. (ii) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT erred in deleting the addition of Rs. 2,00,00,000/- made on account of legal expenses despite the said entry appearing in seized diary during the course of search action under Section 132 of the IT Act 1961 on 21.4.2010. (iii) Whether on the facts a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the total income of the assessee at Rs. 58,79,56,793/- for the Assessment Year 2010-11 inter alia making additions under two heads viz. unexplained expenditure of Rs. 2,28,54,314/- and Rs. 2,00,00,000/-, the first representing general expenses and the second representing legal expenses. The Assessment year relevant for the purpose herein is Assessment Year 2010-11. 3. Assailing the common Order passed by the Tribunal dismissing the Appeal filed by the revenue as well as the Cross Appeal of the Assessee, the learned Counsel for the Appellant urged that the impugned Order is contrary to the provisions of the Act and is against the well settled interpretation of the relevant cited provisions. It is urged that the substantial questions of l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at a belief that the contents in the said seized diary are pertaining to the instant Assessment Year 2010-11 only on the basis of presumption. We do not find any perversity in such a finding. 6. Further as regards to the addition of Rs. 2 Crore relating to legal expenses made by the Assessing Officer, the Tribunal based on the materials on record, arrived at a conclusion that it is not discernable whether the Assessee has actually paid the said amount towards the legal expenses as no date is mentioned nor any other information can be gathered to say that the said amount of Rs. 2 Crore has been incurred towards legal expenses by the assessee company and no corroborative evidences have been brought on record by the Assessing Officer. It is....