The Pune bench of the Income Tax Appellate Tribunal (ITAT) upheld the addition made by the assessing officer on money receipts on the ground of seizure of relevant documents under section 292C of the Income Tax Act,1961.
Mittal Projects, the appellant assessee appealed against the order passed by the Commissioner of Income Tax (Appeals) for confirming the addition made by the assessing officer on money receipts filed by the assessee.
Vinod Gupta, the counsel for the assessee contended that the additions were made by the assessing officer relying only upon the statements of employees and What’s App chat and without having any other corroborative evidence.
It was further submitted that the addition made by the assessing officer deserves to be deleted since not substantiated by way of any cogent evidence in the lower proceedings.
Ramnath P. Murkunde, the counsel for the revenue relied on the decisions made by the lower authorities and contended that the addition made by the assessing officer was as per the law and is liable to be sustained.
The bench observed that all the on-money payments had emerged from seized material found at the assessee’s premises by the departmental authorities during the survey/search.
The two-member bench comprising S.S. Godara (Judicial) and Dr. Dipak P. Ripote ( Accountant) upheld the addition made by the assessing officer on the money receipts while dismissing the appeal filed by the assessee.
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