2026 (9) TMI 496

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.....2017 u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') passed by ACIT, Circle 52(1) New Delhi, for AY: 2015-16. 2. Heard and perused the records. The assessee company is engaged in the business of Investment activities and had filed its original return of income for the year consideration declaring total income at Rs. 84,661/- The assessee's case was reopened for assessment u/s 147 of the Act based on the information received from the ADIT (Inv.), Kolkata that the assessee is one of the beneficiaries of the accommodation entries.On the basis of investigation carried out by the ADIT(Inv.), Kolkata in the case of M/s. Sidhsilver Conclave Pvt. Ltd. and M/s. RegiusVinimay Pvt. Ltd, it was allegedly found that....

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.... recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the ] / Substituted by Act 18 of 1992, Section 35, for Explanation 3 (w.e.f. 1.4.1993).J[Assessing Officer] | Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).L satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year. J [Inserted by Act 5 of 1964, Section 16 (w.e.f. 1.4.1964).] 5. In the instant case, the appe....

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....e claim of sale of the appellant company cannot be held genuine and the documents in terms of sale bill, ledger account which are in the control of the appellant, cannot be relied upon. It is noted that the verification of the said parties has failed at three stages i.e first at the ADIT (Inv.), Unit-3(2), Kolkata, second at AO level during assessment proceedings and third at verification unit level, therefore, the findings of the investigation of ADIT (Inv.), Unit-3(2), Kolkata remain good and serve as credible evidence. In view of the above discussion, contention of appellant raised through ground no 2 are not sustainable, hence this ground is dismissed." ... ... 9. In ground no. 4, the appellant has stated that....

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....e cross examination of the persons whose statements were recorded during survey. (iii) In CIT v. Metal Products of India (1984) 150 ITR 714 (P&H), it was heldthat the AO may gather information in any manner he likes, behind the back of the assessee and utilize the same against the assessee, even if it does not, in all respects satisfy the requirements of the Indian Evidence Act. What is necessary is that he should have material upon which to base the assessment; "material" as distinguished from "evidence" which includes direct and circumstantial evidence. In view of the above, ground no 4 is not sustainable, hence dismissed. 10. In ground no 5, the appellant has stated that the Ld AO did not disturb the purchase f....