DCIT Vs Indian Hydro Electric Power Pvt. Ltd. (ITAT
Delhi)
No Incriminating Evidence, Only Excel — ITAT Deletes ₹25 Cr
Addition in Moser Baer Group Case
Search was conducted on the Moser Baer Group, covering
Assessee’s premises. During search, an Excel sheet titled “Funds Position” was
found on a group employee’s laptop, showing loan entries. Based solely on this
& statements of Rajiv Agarwal & Neeraj Jain (both later
retracted), AO treated ₹ 25.05 crore as unexplained loans u/s 68
& ₹ 25.05 lakh as commission u/s 69.
CIT(A) deleted the additions holding there was no
incriminating material & that the alleged statements were retracted,
uncorroborated, & obtained under coercion. Assessee had furnished
full evidence—PAN, ITRs, audited accounts, bank statements, confirmations,
& proof of repayments—proving identity, creditworthiness, &
genuineness of lenders.
Tribunal upheld CIT(A), noting that:
- The Excel
sheet, found from a third-party laptop, only reflected book entries &
was not incriminating.
- Retracted
statements without corroboration have no evidentiary value.
- AO
denied cross-examination, violating natural justice.
No comments:
Post a Comment