Search under sec 132 of IT if found any company related document any persons possession and whose name stated as MD if not disclosed than penalty can be imposed on him

Last updated: 24 January 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
A search was carried out u/s.132(2) of the I.T.Act, 1961 on 20/08/2004 in Vimal Group of cases and thereupon these assessments were made u/s.153A(b) of the I.T.Act. During the course of search, a data file of “ACME Company” was found and seized from the premises of the assessee. The assessee is stated to be M.D. of Vimal Group. The assessee had attempted to deny that the transaction noted in ACME Data file belonged to him. However, on the other hand, Revenue has attempted to establish the nexus between the data in the said ACME file with the assessee.

Citation :
DCIT,Mehsana Circle,Mehsana.....Appellant vs.Shri Jayesh Chandulal Patel C/o.Vimal Electric Co. 31, GIDC Estate Highway, Mehsana PAN:ABXPP2978G.......Respondent