It is the duty of the AO to carefully verify the statement given by the Assessee against any claim made by the AO

Last updated: 13 December 2011

Court :
Income Tax Appellate Tribunal

Brief :
The brief facts of the case are that search and seizure operations u/s 132(1) of the Income –Tax Act, 1961 (hereinafter referred to as the Act) were conducted at the residence and business premises of the various members of Maheswari Brothers Group on 1910.2005 and subsequent dates. Survey operations u/s 133A of the Act were also conducted in the premises of : i) MBL Infrastructure Ltd. (formerly Maheshwari Brothers Ltd. – present assessee company) at Burnpur, West Bengal and “B” Avenue, Sarojini Nagar, New Delhi. ii) M/s. Maheswari Steel Processors at RIP Industrial Estate, Durgapur, West Bengal.

Citation :
D.C.I.T., Central ircle-XIX, Kolkata Versus M/s.MBL Infrastructure Ltd., Kolkata (PAN:AACCM 0560 C)