2026 (4) TMI 904

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....reinafter referred to as the "Act") and relates to Assessment Year (A.Y.) 2016-17. 2. Brief facts relating to the case are that the assessee had originally filed its return of income declaring total loss of Rs. 1,18,81,809/-. Thereafter search / survey proceedings were carried out by the Investigation Wing, Ahmedabad, in quick succession i.e. on 06.02.2017 on a 'MSP Group', and then on 06.03.2017 on 'HJM Group'. The findings relating to the assessee was subsequently shared by the AO in Central Charge in Ahmedabad to the AO of the assessee. The AO of the assessee received information that cash totaling Rs. 12,34,840/- had been received by the assessee from M/s. New Saurashtra Briquetting Industries Association and M/s. HJM Fuels Pvt. Ltd.....

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....establish any Link of Mr. Rohit Shah with the company." 4. The ground of appeal no.1 was not pressed before us. Therefore, Ground No.1 is dismissed as not pressed. 5. With respect to Ground No.2 relating to the merits of the case, Ld. Counsel for the assessee contended that adverse material which was found during search and seizure operations in the case of MSP Group and M/s. HJM Fuels Pvt. Ltd. and M/s. New Saurashtra Briquetting Industries Association relating to the assessee was a ledger account of the assessee in a tally file named 'Training Module', the contents of which, he pointed out are reproduced at page Nos. 4 & 5 of the order. Ld. Counsel for the assessee contended that based on this document which reflected transaction in....

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....ledger provide by you, as you mentioned in last para of para 5 on page 10 of reasons recorded that "transactions recorded in "Training module" are duly supported by corresponding vouchers" since alleged ledger of our company name provided by you is extracted from "Training module" as mentioned by you in reasons recorded as well as your show cause notice. (iii) Kindly supplied us all the statements of all the persons recorded during the course of search or survey or post search or survey inquiry, from which your honor has formed reasonable belief that entries in "training module" are correct and actually happened. Kindly provide extract of the statement consisting the assessee company name in it, if not possible to provide entire st....

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....u are using against us." 6. Ld. Counsel for the assessee contended that despite specific request for cross examination, the same was not provided to the assessee. 7. Ld. DR, however, contended that the adverse material being the account of the assessee in the tally file reflecting cash transaction carried out with the assessee was sufficiently adverse enough and the assessee having not controverted the same, there was no need for providing any opportunity of cross examination or for that matter the statements of the persons involved. He, therefore, argued that the addition had been rightly made and confirmed by the Ld. CIT(A). 8. We have heard the rival contentions and we are in agreement with the Ld. Counsel for the assessee that ....