Itta/162/2014 Of The Cfommissioner Of Income Tax (Central) v. Sri A Mahesh Reddy

HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.162 of 2014 Date: 12-03-2014 Between: The Commissioner of Income Tax (Central),Hyderabad .....Appellant AND A.Mahesh Reddy ...Respondent HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.162 of 2014 JUDGMENT:(per Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta ) This appeal is sought to be preferred and admitted againstthe judgment and order of the learned Tribunal dated 19[th] April,2013 in relation to the assessment year 2008-09 on the followingsuggested questions of law: (1) Whether on the facts and circumstances ofthe case, the ITAT was justified in deleting the entireaddition made by the Assessing Officer based onloose papers found and seized from the assessee’spremises? (2) Whether on the facts and circumstances ofthe case, the ITAT was correct in holding that additioncannot be made on the basis of loose papers whenthe fact remains that the said loose papers werefound and seized from the assessee’s premises andas per Section 132 (4A) of the Income Tax Act apresumption can be drawn that the contents of suchloose papers are true? We have heard Mr. J.V.Prasad, learned Counsel for theappellant, and have gone through the judgment and order of thelearned Tribunal. The learned Tribunal on fact found that the addition hasbeen made based on surmises and conjectures without having anylegal proof of the same. The addition has been made on the basisof entries made in the loose sheets, which do not bear anysignature or date. In view of this fact-finding of the learnedTribunal, this Court cannot re-appreciate the same. Accordingly, the appeal is dismissed. No order as to costs. Miscellaneous petitions pending, if any, shall stand closed. ___________________ K.J. SENGUPTA, CJ __________________ SANJAY KUMAR, J 12-03-2014 Gsn