ACIT, Central Circle - 4(3) , Kolkata V. M/s. Golden Goenka Fincorp Ltd., , Kolkata

ITSSA 2/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 6372 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 8 month(s) 6 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 16-09-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Appeal Filed On: 10-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Income from undisclosed sources; Search and seizure; Document seized; Accommodation entries; Assessment record; Retraction; Documents seized; Set aside
• Section: 68; 132; 142(1); 133A; 153A; 250; 143(2); 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA B BENCH, KOLKATA (BEFORE SRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER & SRI S.S. GODARA, HONBLE JUDICIAL MEMBER) [VIRTUAL COURT HEARING] IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 ASSTT. COMMISSIONER OF INCOME TAX, CC-4(3), KOLKATA.......................................APPELLANT VS. M/S. GOLDEN GOENKA FINCORP LTD.............RESPONDENT 1, BRITISH INDIA STREET DHARMATALA KOLKATA 700 069 [PAN : AAACG 9769 R] APPEARANCES BY: SHRI MIRAJ D. SHAH, A/R, APPEARED ON BEHALF OF THE ASSESSEE. SHRI IMOKABA JAMIR, ADDL. CIT D/R, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : AUGUST 18 TH , 2020 DATE OF PRONOUNCING THE ORDER : SEPTEMBER 16 TH , 2020 ORDER PER J. SUDHAKAR REDDY, AM :- BOTH THESE APPEALS FILED BY THE REVENUE ARE DIRECTED AGAINST THE SEPARATE BUT IDENTICAL ORDERS OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) 21, KOLKATA, (HEREINAFTER THE LD. CIT(A)), PASSED U/S. 250 OF THE INCOME TAX ACT, 1961 (THE ACT), BOTH DT. 04/10/2018, FOR THE ASSESSMENT YEARS 2013-14 & 2015-16. 2. THE ASSESSEE IS COMPANY AND BELONGS TO THE GOLDEN GOENKA GROUP. A SEARCH AND SEIZURE OPERATION U/S 132 OF THE ACT, WAS CONDUCTED ON THE GOLDEN GOENKA GROUP OF COMPANIES ON 17/03/2015 IN SOME OF THE BUSINESS PREMISES OF THIS GROUP. SURVEY OPERATIONS WERE ALSO CARRIED OUT U/S 133A OF THE ACT. THE ASSESSING OFFICER RECORDS THAT THE GOLDEN GOENKA GROUP WAS ENGAGED IN THE BUSINESS OF FINANCING, TRADING AND INVESTMENTS IN COMMODITIES AND SHARES, MUTUAL FUNDS, REAL ESTATE AND BEVERAGES. A SEARCH WARRANT WAS EXECUTED IN THE CASE OF THE ASSESSEE M/S. GOLDEN GOENKA FINCORP LTD. AND THE PANCHNAMA WAS ALSO DRAWN IN ITS NAME. THE LAST AUTHORIZATION FOR THE SEARCH U/S 132 OF THE ACT WAS EXECUTED ON 21/04/2015. THE ASSESSING OFFICER RECORDS THAT DURING THE COURSE OF SEARCH OPERATIONS, AT THE OFFICE PREMISES OF THE ASSESSEE, THE DOCUMENTS MARKED AS GG/10 (PAGE-28) & GG-2 (PAGE- 7) WERE FOUND AND SEIZED. SCANNED COPIES OF THESE DOCUMENTS ARE EXTRACTED AT PAGE 3 & 4 OF THE ASSESSMENT ORDERS. AT PAGE 4 & 5 OF THE ASSESSMENT ORDER, THE ASSESSING OFFICER STATES AS FOLLOWS:- ON PERUSAL OF THE SAID DOCUMENTS IT IS REVEALED: A) PAGE-28 OF GG-1 0 CONTAINS HAND WRITTEN RECORDINGS THE EXTENTS OF RS. CAPITAL/PREMIUM IN GOLDEN GOENKA FINCORP LTD. B) PAGE-71 OF GG- 2 CONTAINS HAND WRITTEN RECORDINGS AT THE BOTTOM THAT CASH WE PAID FOR ARRANGING SHARE CAPITAL/ PREMIUM IN GOLDEN GOENKA FINCORP LTD. (RIGHTS ISSUE) IN THE FOLLOWING MANNER: 2.1. THE STATEMENT WAS RECORDED FROM SHRI GIRDHARI LAL GOENKA SEARCH OPERATION ON 17/03/2015 U/S 132(4) OF THE ACT. IN THIS STATEMENT, SHRI GIRDHARI LAL GOENKA, IN RESPONSE TO QUESTION NO. 21 STATED THAT, THE AMOUNT REPRESENTS UNACCOUNTED INCOME WHICH IS NOT RECORDED IN THE BOOKS OF ACCOUNTS AND PAID TO VARIOUS ENTRY OPERATORS TO INFUSE SHARE CAPITAL IN LTD. IT WAS STATED THAT RS.25 CRORES CASH WAS PAID AND CONVERTED INTO SHARE CAPITAL OF M/S. GOLDEN GOENKA FINCORP LTD. IN THE FINANCIAL YEAR 2012 BALANCE SHEET IS ACTUALLY THE ASSESSEES UNACCOUNTED INCOME. THE QUESTION AND ANSWERS ARE EXTRACTED AT PAGE 5 & 6 OF THE ASSESSMENT ORDER. LATER IN A STATEMENT RECORDED ON 21/04/2015, ON THE DATE OF CLOSURE OF SEARCH, THE DAY ON WHICH THE LAS FOR SEARCH WAS EXECUTED, SHRI GIRDHARI LAL GOENKA, RETRACTED FROM A PORTION OF THE STATEMENT RECORDED ON 17/03/2015. THE ASSESSING OFFICER REJECTED THIS RETRACTION BY OBSERVING THAT THE ASSESSEE HAS NOT BROUGHT ANYTHING ON RECORD TO SHOW TH ASSESSEE HAS NOT ARRANGED CASH FOR INFUSING SHARE CAPITAL/PREMIUM FOR THE FINANCIAL YEAR 2012-13 AND 2014- 15. HE RELIED ON SECTION 292C OF THE ACT FOR THE PRESUMPTION THAT THE DOCUMENTS REFERRED ABOVE AND THE ENTRIES RECORDED THEREIN BELONGED TO THE ASSESSEE. THE ASSESSEE WAS ASKED VIDE LETTER DT. 16/11/2017 TO EXPLAIN THESE ENTRIES. IN 2 M/S. GOLDEN GOENKA FINCORP LTD OF THE ASSESSMENT ORDERS. AT PAGE 4 & 5 OF THE ASSESSMENT ORDER, THE ASSESSING OFFICER ON PERUSAL OF THE SAID DOCUMENTS IT IS REVEALED: - 0 CONTAINS HAND WRITTEN RECORDINGS AT THE BOTTOM THAT CASH TO EXTENTS OF RS. 25 CRORES WERE PAID ON 05.04.2012 FOR ARRANGING SHARE CAPITAL/PREMIUM IN GOLDEN GOENKA FINCORP LTD. 2 CONTAINS HAND WRITTEN RECORDINGS AT THE BOTTOM THAT CASH WE PAID FOR ARRANGING SHARE CAPITAL/ PREMIUM IN GOLDEN GOENKA FINCORP LTD. (RIGHTS ISSUE) IN THE FOLLOWING MANNER: - 04.04.2014 - RS. 5 CRORE 08.04.2014 - RS. 10 CRORE TOTAL - RS. 15 CRORE THE STATEMENT WAS RECORDED FROM SHRI GIRDHARI LAL GOENKA DURING THE SEARCH OPERATION ON 17/03/2015 U/S 132(4) OF THE ACT. IN THIS STATEMENT, SHRI GIRDHARI LAL GOENKA, IN RESPONSE TO QUESTION NO. 21 STATED THAT, THE AMOUNT REPRESENTS UNACCOUNTED INCOME WHICH IS NOT RECORDED IN THE BOOKS OF ACCOUNTS AND PAID TO VARIOUS ENTRY OPERATORS TO INFUSE SHARE CAPITAL IN M/S. GOLDEN GOENKA FINCORP LTD. IT WAS STATED THAT RS.25 CRORES CASH WAS PAID AND CONVERTED INTO SHARE CAPITAL OF M/S. GOLDEN GOENKA FINCORP LTD. IN THE FINANCIAL YEAR 2012 - 13 AND THE BALANCE SHEET IS ACTUALLY THE ASSESSEES UNACCOUNTED INCOME. THE QUESTION AND ANSWERS ARE EXTRACTED AT PAGE 5 & 6 OF THE ASSESSMENT ORDER. LATER IN A STATEMENT RECORDED ON 21/04/2015, ON THE DATE OF CLOSURE OF SEARCH, THE DAY ON WHICH THE LAS FOR SEARCH WAS EXECUTED, SHRI GIRDHARI LAL GOENKA, RETRACTED FROM A PORTION OF THE STATEMENT RECORDED ON 17/03/2015. THE ASSESSING OFFICER REJECTED THIS RETRACTION BY OBSERVING THAT THE ASSESSEE HAS NOT BROUGHT ANYTHING ON RECORD TO SHOW TH ASSESSEE HAS NOT ARRANGED CASH FOR INFUSING SHARE CAPITAL/PREMIUM FOR THE FINANCIAL 15. HE RELIED ON SECTION 292C OF THE ACT FOR THE PRESUMPTION THAT THE DOCUMENTS REFERRED ABOVE AND THE ENTRIES RECORDED THEREIN BELONGED TO THE ASSESSEE. THE ASSESSEE WAS ASKED VIDE LETTER DT. 16/11/2017 TO EXPLAIN THESE ENTRIES. IN IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . OF THE ASSESSMENT ORDERS. AT PAGE 4 & 5 OF THE ASSESSMENT ORDER, THE ASSESSING OFFICER AT THE BOTTOM THAT CASH TO 25 CRORES WERE PAID ON 05.04.2012 FOR ARRANGING SHARE 2 CONTAINS HAND WRITTEN RECORDINGS AT THE BOTTOM THAT CASH WE RE PAID FOR ARRANGING SHARE CAPITAL/ PREMIUM IN GOLDEN GOENKA FINCORP LTD. (RIGHTS DURING THE COURSE OF SEARCH OPERATION ON 17/03/2015 U/S 132(4) OF THE ACT. IN THIS STATEMENT, SHRI GIRDHARI LAL GOENKA, IN RESPONSE TO QUESTION NO. 21 STATED THAT, THE AMOUNT REPRESENTS UNACCOUNTED INCOME WHICH IS NOT RECORDED IN THE BOOKS OF ACCOUNTS AND THAT CASH WAS M/S. GOLDEN GOENKA FINCORP LTD. IT WAS STATED THAT RS.25 CRORES CASH WAS PAID AND CONVERTED INTO SHARE CAPITAL OF 13 AND THE TOTAL OF THE BALANCE SHEET IS ACTUALLY THE ASSESSEES UNACCOUNTED INCOME. THE QUESTION AND ANSWERS ARE EXTRACTED AT PAGE 5 & 6 OF THE ASSESSMENT ORDER. LATER IN A STATEMENT RECORDED ON 21/04/2015, ON THE DATE OF CLOSURE OF SEARCH, THE DAY ON WHICH THE LAS T AUTHORIZATION FOR SEARCH WAS EXECUTED, SHRI GIRDHARI LAL GOENKA, RETRACTED FROM A PORTION OF THE STATEMENT RECORDED ON 17/03/2015. THE ASSESSING OFFICER REJECTED THIS RETRACTION BY OBSERVING THAT THE ASSESSEE HAS NOT BROUGHT ANYTHING ON RECORD TO SHOW TH AT THE ASSESSEE HAS NOT ARRANGED CASH FOR INFUSING SHARE CAPITAL/PREMIUM FOR THE FINANCIAL 15. HE RELIED ON SECTION 292C OF THE ACT FOR THE PRESUMPTION THAT THE DOCUMENTS REFERRED ABOVE AND THE ENTRIES RECORDED THEREIN BELONGED TO THE ASSESSEE. THE ASSESSEE WAS ASKED VIDE LETTER DT. 16/11/2017 TO EXPLAIN THESE ENTRIES. IN HIS REPLY DT. 06/12/2017, THE ASSESSEE SUBMITTED THAT WHAT WAS FOUND AND SEIZED WAS A PEN DRIVE IN THE POSSESSION OF ONE OF EMPLOYEES FISCAL SERVICES (P) LTD., MR. PRADIP KUMAR PARASRAMKA AND THE ACRONYM SKB NOT REPRESENT THE ASSESSEE OR ITS DIRECTORS OR CONCERNS. IT WAS ALSO ALLEGED THAT PRINT OUTS WERE TAKEN FROM THE PEN MR. PRADIP KUMAR PARASRAMKA BY THE AUTHORITIES AND MR. WAS FORCED TO WRITE ON ONE OF THE SHEETS OF PAPER (GG/10 PAGE CRORES WAS GIVEN IN CASH TO ARRANGE SHARE CAPITAL/PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. ON 05/04/2015 AND THAT ON THE OTHER SHEET OF PAPER HE WAS FORCED TO WRITE THAT A SUM OF RS. 5 CRORES WAS GIVEN ON 04/04/2014 AND A SUM OF RS. 10 CRORE WAS GOVEN ON 08/04/2014 IN CASH FOR ARRANGING SHARE CAPITAL/ PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. THE LETTER, RETRACTING FROM THE EARLIER RECORDED STATEMENT AND MAKING ALLEGATIONS AGAINST THE DEPARTMENT IS EXTRACTED BY THE ASSESSING OFFICER AT PAGES 7 T O 10 OF THE ASSESSMENT ORDER. SUMMARY OF THIS IS EXTRACTED AT PARA 4.2. OF THE OF THE ASSESSMENT ORDER. THE ASSESSING OFFICER REJECTED THESE CONTENTIONS OF THE ASSESSEE FOR THE REASONS GIVEN IN PARA 4.3. PAGES 10 TO 15 OF HIS ORDER. HE MADE AN ADDITION OF CRORES FOR THE ASSESSMENT YEAR 2013 2015- 16. THESE ARE NOT EXTRACTED FOR THE SAKE OF BREVITY. 2.2. AGGRIEVED THE ASSESS FIRST APPELLATE AUTHO RITY, DELETED BOTH THESE ADDITIONS FOR THE REASON GIVEN AT PARA 4 TO PARA 8 (PAGES 24 TO 26) OF HIS ORDER. THE GROUNDS ON WHICH THE ADDITIONS WERE MADE BY THE ASSESSING OFFICER AND THE REASONS FOR WHICH THESE ADDITIONS U/S 68 OF THE ACT WERE DELETED BY THE LD. CIT(A) ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 16. 3. AGGRIEVED THE REVENUE IS IN APPEAL BEFORE US. 4. THE LD. CIT D/R, SHRI IMOKABA JAMIR, TOOK THIS BENCH THROUGH THE ORDER OF THE ASSESSING OFFICER AND SUBMITTED THA COPY OF WHICH IS EXTRACTED AT PAGE 3 OF THE ASSESSMENT ORDER, IT IS CLEARLY WRITTEN THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. TO THE TUNE OF RS. 25 CRORES ON 05/04/2015. SIMI 3 M/S. GOLDEN GOENKA FINCORP LTD HIS REPLY DT. 06/12/2017, THE ASSESSEE SUBMITTED THAT WHAT WAS FOUND AND SEIZED WAS A PEN DRIVE IN THE POSSESSION OF ONE OF EMPLOYEES OF THE GROUP CONCERN M/S. GIRDHA FISCAL SERVICES (P) LTD., MR. PRADIP KUMAR PARASRAMKA AND THE ACRONYM SKB NOT REPRESENT THE ASSESSEE OR ITS DIRECTORS OR THEIR FAMILY MEMBERS OR CONCERNS. IT WAS ALSO ALLEGED THAT PRINT OUTS WERE TAKEN FROM THE PEN - MR. PRADIP KUMAR PARASRAMKA BY THE AUTHORITIES AND MR. PRADIP KUMAR PARASRAMKA WAS FORCED TO WRITE ON ONE OF THE SHEETS OF PAPER (GG/10 PAGE - 28) THAT A SUM OF CRORES WAS GIVEN IN CASH TO ARRANGE SHARE CAPITAL/PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. ON 05/04/2015 AND THAT ON THE OTHER SHEET OF PAPER HE WAS FORCED TO WRITE THAT A SUM OF RS. 5 CRORES WAS GIVEN ON 04/04/2014 AND A SUM OF RS. 10 CRORE WAS GOVEN ON 08/04/2014 IN CASH FOR ARRANGING SHARE CAPITAL/ PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. THE LETTER, RETRACTING FROM THE EARLIER RECORDED STATEMENT AND MAKING ALLEGATIONS AGAINST THE DEPARTMENT IS EXTRACTED BY THE ASSESSING OFFICER AT PAGES O 10 OF THE ASSESSMENT ORDER. SUMMARY OF THIS IS EXTRACTED AT PARA 4.2. OF THE OF THE ASSESSMENT ORDER. THE ASSESSING OFFICER REJECTED THESE CONTENTIONS OF THE ASSESSEE FOR THE REASONS GIVEN IN PARA 4.3. PAGES 10 TO 15 OF HIS ORDER. HE MADE AN ADDITION OF CRORES FOR THE ASSESSMENT YEAR 2013 - 14 AND RS.15 CRORES FOR THE ASSESSMENT YEAR 16. THESE ARE NOT EXTRACTED FOR THE SAKE OF BREVITY. AGGRIEVED THE ASSESS EE CARRIED THE MATTER IN APPEAL BEFORE THE LD. CIT(A). RITY, DELETED BOTH THESE ADDITIONS FOR THE REASON GIVEN AT PARA 4 TO (PAGES 24 TO 26) OF HIS ORDER. THE GROUNDS ON WHICH THE ADDITIONS WERE MADE BY THE ASSESSING OFFICER AND THE REASONS FOR WHICH THESE ADDITIONS U/S 68 OF THE ACT WERE LD. CIT(A) ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 AGGRIEVED THE REVENUE IS IN APPEAL BEFORE US. THE LD. CIT D/R, SHRI IMOKABA JAMIR, TOOK THIS BENCH THROUGH THE ORDER OF THE ASSESSING OFFICER AND SUBMITTED THA T ON THE SEIZE D DOCUMENT NO. GG/ COPY OF WHICH IS EXTRACTED AT PAGE 3 OF THE ASSESSMENT ORDER, IT IS CLEARLY WRITTEN THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. TO THE TUNE OF RS. 25 CRORES ON 05/04/2015. SIMI LARLY, HE POINTED OUT THAT IN THE SEIZED IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . HIS REPLY DT. 06/12/2017, THE ASSESSEE SUBMITTED THAT WHAT WAS FOUND AND SEIZED WAS A OF THE GROUP CONCERN M/S. GIRDHA R FISCAL SERVICES (P) LTD., MR. PRADIP KUMAR PARASRAMKA AND THE ACRONYM SKB -LG DOES THEIR FAMILY MEMBERS OR THEIR BUSINESS - DRIVE SEIZED FROM KUMAR PARASRAMKA 28) THAT A SUM OF RS.25 CRORES WAS GIVEN IN CASH TO ARRANGE SHARE CAPITAL/PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. ON 05/04/2015 AND THAT ON THE OTHER SHEET OF PAPER HE WAS FORCED TO WRITE THAT A SUM OF RS. 5 CRORES WAS GIVEN ON 04/04/2014 AND A SUM OF RS. 10 CRORE WAS GOVEN ON 08/04/2014 IN CASH FOR ARRANGING SHARE CAPITAL/ PREMIUM FOR M/S. GOLDEN GOENKA FINCORP LTD. THE LETTER, RETRACTING FROM THE EARLIER RECORDED STATEMENT AND MAKING ALLEGATIONS AGAINST THE DEPARTMENT IS EXTRACTED BY THE ASSESSING OFFICER AT PAGES O 10 OF THE ASSESSMENT ORDER. SUMMARY OF THIS IS EXTRACTED AT PARA 4.2. OF THE OF THE ASSESSMENT ORDER. THE ASSESSING OFFICER REJECTED THESE CONTENTIONS OF THE ASSESSEE FOR THE REASONS GIVEN IN PARA 4.3. PAGES 10 TO 15 OF HIS ORDER. HE MADE AN ADDITION OF RS. 25 14 AND RS.15 CRORES FOR THE ASSESSMENT YEAR EE CARRIED THE MATTER IN APPEAL BEFORE THE LD. CIT(A). THE LD. RITY, DELETED BOTH THESE ADDITIONS FOR THE REASON GIVEN AT PARA 4 TO (PAGES 24 TO 26) OF HIS ORDER. THE GROUNDS ON WHICH THE ADDITIONS WERE MADE BY THE ASSESSING OFFICER AND THE REASONS FOR WHICH THESE ADDITIONS U/S 68 OF THE ACT WERE LD. CIT(A) ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 -14 AND 2015- THE LD. CIT D/R, SHRI IMOKABA JAMIR, TOOK THIS BENCH THROUGH THE ORDER OF THE D DOCUMENT NO. GG/ 10 (PAGE 28), A COPY OF WHICH IS EXTRACTED AT PAGE 3 OF THE ASSESSMENT ORDER, IT IS CLEARLY WRITTEN THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. LARLY, HE POINTED OUT THAT IN THE SEIZED DOCUMENTS NO. GG/ 2(PAGE 7), IT IS CLEARLY RECORDED THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. ON 04/04/2014 TO THE TUNE OF RS. 5 CRORES AND ON 08/04/2014 TO THE TUNE OF CRORES). HE RELIED ON THE STATEMENT MADE BY SHRI GIRDHAR LAL GOENKA U/S 132(4) OF THE ACT ON 17/03/2015 AND SUBMITTED THAT IT WAS CLEARLY ADMITTED THAT THESE TRANSACTIONS WERE UNACCOUNTED INCOME AND CASH WAS PAID TO VARIO CAPITAL IN M/S. GOLDEN GOENKA FINCORP LTD.. HE POINTED OUT THAT HE ASSESSEE HAS VOLUNTARILY DISCLOSED RS. 40 CRORES OF UNACCOUNTED INCOME UNDER THE HEAD SHARE CAPITAL OF COMPANY M/S. GOLDEN GOENKA FINCORP LTD.. HE FURTHER BENCH TO PAGE 11 OF THE ASSESSMENT ORDER AND SUBMITTED THAT, THE ENTRIES RECORDED IN THESE TWO SEIZED DOCUMENTS HAVE ALSO BEEN CORROBORATED BY THE ENTRIES RECORDED IN THE BOOKS OF ACCOUNTS GG/8, GG/4 ETC. OF M/S. GOLDEN GOENKA FINCORP LTD., DURING THE COURSE OF SEARCH AND SEIZURE OPERATION ON 17/03/2015. HE TOOK THIS BENCH THROUGH A COMPARATIVE CHART AND INFERENCE DRAWN BY THE ASSESSING OFFICER AND SUBMITTED THAT TH ASSESSEE WAS AN AFTERTHOUGHT AND NOT BASED ON ANY EVIDENCE. HE SUBMITTED THAT THE LD. CIT(A) WAS WRONG IN ACCEPTING CONTENDED THAT SUFFICIENT EVIDENCE WAS FOUND BY WAY OF INCRIMINATIN THE COURSE OF SEARCH AND THE EXAMINATION ON UNACCOUNTED TRANSACTIONS AND THAT BASED ON SUCH ADMISSION, THE ASSESSING OFFICER HAS RIGHTLY MADE THE ADDITION. HE RELIED ON THE JUDGMENT OF THE HON IN THE CASE OF B. KISHORE KUMAR VS. DCIT (MADRAS) , FOR THE PROPOSITION THAT WHEN THE ASSESSING OFFICER MADE AN ADDITION AS UNDISCLOSED INCOME ON THE BASIS OF SWORN STATEMENTS OF THE ASSESSEE DURING SEARCH AND SEIZURE, TAX WAS TO BE LEVIED ON THE BASIS OF ADMISSION WITHOUT SCRUTINIZING DOCUMENTS. HE ALSO RELIED ON THE JUDGMENT OF THE HONBLE RAJASTHAN HIGH COURT IN THE CASE OF BANNALAL JAT CONSTRUCTIONS VS. ACIT 31/08/2018, FOR THE PROPOSITION THAT THE ADMISSI ON MADE DURING SEARCH COULD BE REFUTED ONLY BY COGENT AND CONVINCING EVIDENCE AND IT IS OPEN TO THE PERSON WHO HAS MADE THE SUBMISSION TO SHOW THAT IT IS INCORRECT. 4 M/S. GOLDEN GOENKA FINCORP LTD 2(PAGE 7), IT IS CLEARLY RECORDED THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. ON 04/04/2014 TO THE TUNE OF RS. 5 CRORES AND ON 08/04/2014 TO THE TUNE OF RS. 10 CRORES (TOTALING TO RS. 15 CRORES). HE RELIED ON THE STATEMENT MADE BY SHRI GIRDHAR LAL GOENKA U/S 132(4) OF THE ACT ON 17/03/2015 AND SUBMITTED THAT IT WAS CLEARLY ADMITTED THAT THESE TRANSACTIONS AND CASH WAS PAID TO VARIO US ENTRY OPERATORS TO INFUSE SHARE M/S. GOLDEN GOENKA FINCORP LTD.. HE POINTED OUT THAT HE ASSESSEE HAS VOLUNTARILY DISCLOSED RS. 40 CRORES OF UNACCOUNTED INCOME UNDER THE HEAD SHARE CAPITAL COMPANY M/S. GOLDEN GOENKA FINCORP LTD.. HE FURTHER DREW THE ATTENTION OF THE BENCH TO PAGE 11 OF THE ASSESSMENT ORDER AND SUBMITTED THAT, THE ENTRIES RECORDED IN THESE TWO SEIZED DOCUMENTS HAVE ALSO BEEN CORROBORATED BY THE ENTRIES RECORDED IN THE BOOKS OF ACCOUNTS GG/8, GG/4 ETC. , WHICH WERE FOUND AND SE IZED IN THE OFFICE PREMISES OF M/S. GOLDEN GOENKA FINCORP LTD., DURING THE COURSE OF SEARCH AND SEIZURE OPERATION ON 17/03/2015. HE TOOK THIS BENCH THROUGH A COMPARATIVE CHART AND INFERENCE DRAWN BY THE ASSESSING OFFICER AND SUBMITTED THAT TH E RETRACTION MADE BY THE ASSESSEE WAS AN AFTERTHOUGHT AND NOT BASED ON ANY EVIDENCE. HE SUBMITTED THAT THE LD. CIT(A) WAS WRONG IN ACCEPTING THIS RETRACTION WITHOUT EVIDENCE. HE VEHEMENTLY CONTENDED THAT SUFFICIENT EVIDENCE WAS FOUND BY WAY OF INCRIMINATIN THE COURSE OF SEARCH AND THE EXAMINATION ON OATH OF THE ASSESSEE REVEALED THAT THESE ARE UNACCOUNTED TRANSACTIONS AND THAT BASED ON SUCH ADMISSION, THE ASSESSING OFFICER HAS RIGHTLY MADE THE ADDITION. HE RELIED ON THE JUDGMENT OF THE HON BLE MADRAS HIGH COURT B. KISHORE KUMAR VS. DCIT REPORTED IN [2014] 52 TAXMANN.COM 449 , FOR THE PROPOSITION THAT WHEN THE ASSESSING OFFICER MADE AN ADDITION AS UNDISCLOSED INCOME ON THE BASIS OF SWORN STATEMENTS OF THE ASSESSEE DURING SEARCH AND SEIZURE, TAX WAS TO BE LEVIED ON THE BASIS OF ADMISSION WITHOUT SCRUTINIZING DOCUMENTS. RELIED ON THE JUDGMENT OF THE HONBLE RAJASTHAN HIGH COURT IN THE CASE OF BANNALAL JAT CONSTRUCTIONS VS. ACIT IN D.B. INCOME TAX APPEAL NO. 140/2018, JUDGMENT DT. FOR THE PROPOSITION THAT THE RELIABILITY, IMPORTANCE AND SANCTITY OF ON MADE DURING SEARCH COULD BE REFUTED ONLY BY COGENT AND CONVINCING EVIDENCE AND IT IS OPEN TO THE PERSON WHO HAS MADE THE SUBMISSION TO SHOW THAT IT IS INCORRECT. IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . 2(PAGE 7), IT IS CLEARLY RECORDED THAT CASH WAS PAID FOR ARRANGING SHARE CAPITAL/PREMIUM IN M/S. GOLDEN GOENKA FINCORP LTD. ON 04/04/2014 TO THE TUNE RS. 10 CRORES (TOTALING TO RS. 15 CRORES). HE RELIED ON THE STATEMENT MADE BY SHRI GIRDHAR LAL GOENKA U/S 132(4) OF THE ACT ON 17/03/2015 AND SUBMITTED THAT IT WAS CLEARLY ADMITTED THAT THESE TRANSACTIONS US ENTRY OPERATORS TO INFUSE SHARE M/S. GOLDEN GOENKA FINCORP LTD.. HE POINTED OUT THAT HE ASSESSEE HAS VOLUNTARILY DISCLOSED RS. 40 CRORES OF UNACCOUNTED INCOME UNDER THE HEAD SHARE CAPITAL DREW THE ATTENTION OF THE BENCH TO PAGE 11 OF THE ASSESSMENT ORDER AND SUBMITTED THAT, THE ENTRIES RECORDED IN THESE TWO SEIZED DOCUMENTS HAVE ALSO BEEN CORROBORATED BY THE ENTRIES RECORDED IN THE IZED IN THE OFFICE PREMISES OF M/S. GOLDEN GOENKA FINCORP LTD., DURING THE COURSE OF SEARCH AND SEIZURE OPERATION ON 17/03/2015. HE TOOK THIS BENCH THROUGH A COMPARATIVE CHART AND RELIED ON THE E RETRACTION MADE BY THE ASSESSEE WAS AN AFTERTHOUGHT AND NOT BASED ON ANY EVIDENCE. HE SUBMITTED THAT THE LD. RETRACTION WITHOUT EVIDENCE. HE VEHEMENTLY CONTENDED THAT SUFFICIENT EVIDENCE WAS FOUND BY WAY OF INCRIMINATIN G MATERIAL DURING OATH OF THE ASSESSEE REVEALED THAT THESE ARE UNACCOUNTED TRANSACTIONS AND THAT BASED ON SUCH ADMISSION, THE ASSESSING OFFICER HAS BLE MADRAS HIGH COURT [2014] 52 TAXMANN.COM 449 , FOR THE PROPOSITION THAT WHEN THE ASSESSING OFFICER MADE AN ADDITION AS UNDISCLOSED INCOME ON THE BASIS OF SWORN STATEMENTS OF THE ASSESSEE DURING SEARCH AND SEIZURE, TAX WAS TO BE LEVIED ON THE BASIS OF ADMISSION WITHOUT SCRUTINIZING DOCUMENTS. RELIED ON THE JUDGMENT OF THE HONBLE RAJASTHAN HIGH COURT IN THE CASE OF M/S. IN D.B. INCOME TAX APPEAL NO. 140/2018, JUDGMENT DT. RELIABILITY, IMPORTANCE AND SANCTITY OF ON MADE DURING SEARCH COULD BE REFUTED ONLY BY COGENT AND CONVINCING EVIDENCE AND IT IS OPEN TO THE PERSON WHO HAS MADE THE SUBMISSION TO SHOW THAT IT IS INCORRECT. 4.1. HE PRAYED THAT THE ORDER OF THE ASSESSING OFFICER BE RESTORED ON THIS ISSUE AND THAT O F THE LD. CIT(A) TO BE SET ASIDE. 5. THE LD. COUNSEL FOR THE ASSESSEE, SHRI MIRAJ D. SHAH, ON THE OTHER HAND, CONTROVERTED THE SUBMISSIONS OF THE LD. CIT D/R AND SUBMITTED THAT THE LD. CIT(A) CORRECTLY APPRECIATED THE FACTUAL POSITION AND HAS COME TO A ON THIS ISSUE. HE SUBMITTED THAT THE DOCUMENTS GG/10 (PAGE 28) WAS A COPY OF THE BALANCE SHEET OF SKB FROM 1 TO THE DATE OF APRIL, 2012 WHICH IS 10 YEARS AFTER THAT. TO BALANCE SHEET OF SKB FROM APRIL, 2004 TO MARCH, 2005 AND WHEREAS THE SCRIBBLING IN PEN AT THE FOOT OF THIS DOCUMENT REFERS TO PAYMENT THAT . HE SUBMITTED THAT THE ASSESSEE DURING TH FROM THE STATEMENT RECORDED AND HAS GIVEN COGENT REASONS FOR THE SAME. HE POINTED OUT THAT WHAT WAS SEIZED WAS NOT THE DOCUMENTS BUT OF THE GROUP CONCERNS IN WHICH OLD BALANCE EMPLOYEE WAS FORCED TO WRITE IN THESE SHEETS OF PAPER THAT MONEY WAS GIVEN IN CASH TO ARRANGE SHARE CAPITAL/PREMIUM SUBMITTED THAT SUCH FORCED PEN ENTRIES MAD FROM A PEN DRIVE , IS OF NO EVIDENTIARY VALUE. HE FURTHER POINTED OUT THAT EVEN GOING BY THE STATEMENT RECORDED ON 17/03/2015, IT IS CLEAR FROM QUESTION NO. 26 THAT THE DISCLOSURE WAS GIVEN BY SHRI GIRDHAR LAL GO BEHALF OF OR FOR THE ASSESSEE COMPANY. REFERRING TO THE ALLEGED CORROBORATION OF ENTRIES WITH DOCUMENTS FOUND FROM THE PREMISES OF SHRI VIVEK KR. GOENKA, HE SUBMITTED THAT THESE PAPERS WERE NOT FOUND IN POSSESSION U/S 292C FO THE ACT, CANNOT BE APPLIED. FURTHER POINTING OUT TO THE NOTINGS IN TH PAPERS, HE SUBMITTED THAT NAME OF CERTAIN INDIVIDUALS ARE THESE NOTING HAVE NO CONNECTION AND HAVE TOOK THIS BENCH, THROUGH THE CONTENTS OF THE DOCUMENTS AS RECORDED BY THE ASSESSING OFFICER AND VEHEMENTLY CONTENDED THAT THESE CONTENTS CANNOT BE LINKED WITH THE ASSESSEE COMPANY. HE FURTHER SUBMITTED THAT THE ALL WAS GIVEN TO ENTRY OPERATORS AND IT WAS ONLY IN AUGUST AND OCTOBER THAT THE ASSESSEE 5 M/S. GOLDEN GOENKA FINCORP LTD HE PRAYED THAT THE ORDER OF THE ASSESSING OFFICER BE RESTORED ON THIS ISSUE AND F THE LD. CIT(A) TO BE SET ASIDE. THE LD. COUNSEL FOR THE ASSESSEE, SHRI MIRAJ D. SHAH, ON THE OTHER HAND, CONTROVERTED THE SUBMISSIONS OF THE LD. CIT D/R AND SUBMITTED THAT THE LD. CIT(A) THE FACTUAL POSITION AND HAS COME TO A CORRECT FACTUAL CONCLUSION ON THIS ISSUE. HE SUBMITTED THAT THE DOCUMENTS GG/10 (PAGE 28) WAS A COPY OF THE BALANCE SHEET OF SKB FROM 1 ST APRIL, 2002 TO 31 ST MARCH, 2003 AND THE NOTINGS IN IT R TO THE DATE OF APRIL, 2012 WHICH IS 10 YEARS AFTER THAT. SIMILARLY, GG/2 AT PAGE 71 REFERS TO BALANCE SHEET OF SKB FROM APRIL, 2004 TO MARCH, 2005 AND WHEREAS THE SCRIBBLING IN PEN AT THE FOOT OF THIS DOCUMENT REFERS TO PAYMENT IN APRIL, 2014 WHICH IS 10 YEARS AFTER . HE SUBMITTED THAT THE ASSESSEE DURING TH E COURSE OF SEARCH ITSELF HAS RETRACTED STATEMENT RECORDED AND HAS GIVEN COGENT REASONS FOR THE SAME. HE POINTED OUT THAT WHAT WAS SEIZED WAS NOT THE DOCUMENTS BUT A PEN DRIVE FROM ONE OF THE EMPLOYEES OF THE GROUP CONCERNS IN WHICH OLD BALANCE SHEETS WERE AVAILABLE AND, THAT PARTICULAR EMPLOYEE WAS FORCED TO WRITE IN THESE SHEETS OF PAPER THAT MONEY WAS GIVEN IN CASH TO ARRANGE SHARE CAPITAL/PREMIUM AFTER 10 YEARS FROM THE DATE OF THIS BALANCE SHEET SUBMITTED THAT SUCH FORCED PEN ENTRIES MAD E ON PRINT OUT OF OLD BALANCE SHEETS PRINTED , IS OF NO EVIDENTIARY VALUE. HE FURTHER POINTED OUT THAT EVEN GOING BY THE STATEMENT RECORDED ON 17/03/2015, IT IS CLEAR FROM QUESTION NO. 26 THAT THE DISCLOSURE WAS GIVEN BY SHRI GIRDHAR LAL GO ENKA IN HIS INDIVIDUAL CAPACITY AND NOT THE ASSESSEE COMPANY. REFERRING TO THE ALLEGED CORROBORATION OF ENTRIES WITH DOCUMENTS FOUND FROM THE PREMISES OF SHRI VIVEK KR. GOENKA, HE SUBMITTED THAT THESE PAPERS WERE NOT FOUND IN POSSESSION OF THE ASSESSEE AND HENCE THE PRESUMPTION U/S 292C FO THE ACT, CANNOT BE APPLIED. FURTHER POINTING OUT TO THE NOTINGS IN TH PAPERS, HE SUBMITTED THAT NAME OF CERTAIN INDIVIDUALS ARE FOUND RECORDED THESE NOTING HAVE NO CONNECTION AND HAVE NO THING TO DO WITH THE ASSESSEE COMPANY. HE TOOK THIS BENCH, THROUGH THE CONTENTS OF THE DOCUMENTS AS RECORDED BY THE ASSESSING OFFICER AND VEHEMENTLY CONTENDED THAT THESE CONTENTS CANNOT BE LINKED WITH THE ASSESSEE COMPANY. HE FURTHER SUBMITTED THAT THE ALL EGATION IS THAT IN APRIL, 2012, CASH WAS GIVEN TO ENTRY OPERATORS AND IT WAS ONLY IN AUGUST AND OCTOBER THAT THE ASSESSEE IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . HE PRAYED THAT THE ORDER OF THE ASSESSING OFFICER BE RESTORED ON THIS ISSUE AND THE LD. COUNSEL FOR THE ASSESSEE, SHRI MIRAJ D. SHAH, ON THE OTHER HAND, CONTROVERTED THE SUBMISSIONS OF THE LD. CIT D/R AND SUBMITTED THAT THE LD. CIT(A) HAS FACTUAL CONCLUSION ON THIS ISSUE. HE SUBMITTED THAT THE DOCUMENTS GG/10 (PAGE 28) WAS A COPY OF THE MARCH, 2003 AND THE NOTINGS IN IT R EFER SIMILARLY, GG/2 AT PAGE 71 REFERS TO BALANCE SHEET OF SKB FROM APRIL, 2004 TO MARCH, 2005 AND WHEREAS THE SCRIBBLING IN WHICH IS 10 YEARS AFTER E COURSE OF SEARCH ITSELF HAS RETRACTED STATEMENT RECORDED AND HAS GIVEN COGENT REASONS FOR THE SAME. HE POINTED OUT FROM ONE OF THE EMPLOYEES SHEETS WERE AVAILABLE AND, THAT PARTICULAR EMPLOYEE WAS FORCED TO WRITE IN THESE SHEETS OF PAPER THAT MONEY WAS GIVEN IN CASH TO AFTER 10 YEARS FROM THE DATE OF THIS BALANCE SHEET . HE ON PRINT OUT OF OLD BALANCE SHEETS PRINTED , IS OF NO EVIDENTIARY VALUE. HE FURTHER POINTED OUT THAT EVEN GOING BY THE STATEMENT RECORDED ON 17/03/2015, IT IS CLEAR FROM QUESTION NO. 26 THAT THE ENKA IN HIS INDIVIDUAL CAPACITY AND NOT ON THE ASSESSEE COMPANY. REFERRING TO THE ALLEGED CORROBORATION OF ENTRIES WITH DOCUMENTS FOUND FROM THE PREMISES OF SHRI VIVEK KR. GOENKA, HE SUBMITTED THAT OF THE ASSESSEE AND HENCE THE PRESUMPTION U/S 292C FO THE ACT, CANNOT BE APPLIED. FURTHER POINTING OUT TO THE NOTINGS IN TH OSE RECORDED THEREIN AND THING TO DO WITH THE ASSESSEE COMPANY. HE TOOK THIS BENCH, THROUGH THE CONTENTS OF THE DOCUMENTS AS RECORDED BY THE ASSESSING OFFICER AND VEHEMENTLY CONTENDED THAT THESE CONTENTS CANNOT BE LINKED WITH THE EGATION IS THAT IN APRIL, 2012, CASH WAS GIVEN TO ENTRY OPERATORS AND IT WAS ONLY IN AUGUST AND OCTOBER THAT THE ASSESSEE RECEIVED SHARE CAPITAL WITH PREMIUM THAT SUCH LONG GAP OF ABOUT 6 TO 8 MONTHS DEMONSTRA PLACE, AS NO ENTRY OPERATOR WOULD PERIODS. HE TOOK THIS BENCH THROUGH EACH OF THE FINDINGS OF THE LD. CIT(A) AND SUPPORTED THE SAME. HE POINTED OUT THAT THE ASSESSING OFFICE EVIDENCE IN SUPPORT OF THE WRITING WITH PEN ON THE PRINTOUTS TAKEN OUT FROM THE PEN DRIVE AND THERE WAS NO CASH TRAIL AND THAT ADDITIONS WERE MADE FOR THE VERY SAME AMOUNT GOENKA. HE PRAYED THAT THE ORDER OF THE LD. FIRST APPELLATE AUTHORITY, BE UPHELD. 5.1. IN REPLY, THE LD. CIT D/R, SUBMITTED THAT THE STATEMENT U/S 132(4) OF THE ACT IS RECORDED IN THE PRESENCE OF INDEPENDENT WITNESSES AND THE EMPLOYEE OF THE GROUP CONCERN WAS FORCED TO WRITE WITH A PEN, THE THAT APPEARED ON THE PRINT OUTS TAKEN FROM THE PEN DRIVE. 6. WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES BELOW AS WELL AS CASE LAW CITED, WE HOLD AS FOLLOWS: 7. A PERUSAL OF THE SEIZED DOCUMENTS R THAT THEY ARE VERY OLD BALANCE SHEET PERTAINING TO 1 AGAIN TO THE PERIOD FROM 01/04/2004 TO 14/03/2005, UNDER THE HEAD SKB. THERE IS NO EVIDENCE AS TO WHETHER THE ABBREVIATIO COMPANY M/S. GOLDEN GOENKA FINCORP LTD. THERE IS NO DENIAL OF THE FACT THAT BOTH THESE DOCUMENTS WERE PRINTOUTS FROM THE PEN CONCERN OF THE ASSESSEE. IF THE PRINT OUT WAS OF SEARCH PROCEEDINGS, THEN THE ALLEGATION THAT THE MATTER WRITTEN IN INK IN THE HAND WRITING OF THE EMPLOYEE DURING THE SEARCH SHOULD BE TRUE. 7.1. IT IS TRUE THAT THERE IS AN ADMISSION AND VOLUNTARY DISCLOSURE B GOENKA IN THE STATEMENT RECORDED U/S 132(4) OF THE ACT ON 17/03/2015 ON THE FIRST DAY OF SEARCH. IT IS ALSO TRUE THAT DURING THE COURSE OF LAST DATE I.E., 24/04/2015, THE STATEMENT WAS RETRACTED STATEMENT DT. 17/03/2015 WAS RETRACTED 6 M/S. GOLDEN GOENKA FINCORP LTD RECEIVED SHARE CAPITAL WITH PREMIUM AS AN EXCHANGE FOR THE CASH PAID THAT SUCH LONG GAP OF ABOUT 6 TO 8 MONTHS DEMONSTRA TES THAT NO SUCH TRANSACTIONS TOOK AS NO ENTRY OPERATOR WOULD BE ALLOWED TO KEEP CASH WITH THEM FOR SUCH LONG PERIODS. HE TOOK THIS BENCH THROUGH EACH OF THE FINDINGS OF THE LD. CIT(A) AND SUPPORTED THE SAME. HE POINTED OUT THAT THE ASSESSING OFFICE R HAS NOT BROUGHT ON RECORD ANY EVIDENCE IN SUPPORT OF THE WRITING WITH PEN ON THE PRINTOUTS TAKEN OUT FROM THE PEN DRIVE AND THERE WAS NO CASH TRAIL OR ANY OTHER CORROBORATIVE EVIDENCE OR INVESTIGATION AND THAT ADDITIONS WERE MADE FOR THE VERY SAME AMOUNT IN THE HANDS OF SHRI GIRDHAR LAL GOENKA. HE PRAYED THAT THE ORDER OF THE LD. FIRST APPELLATE AUTHORITY, BE UPHELD. IN REPLY, THE LD. CIT D/R, SUBMITTED THAT THE STATEMENT U/S 132(4) OF THE ACT IS RECORDED IN THE PRESENCE OF INDEPENDENT WITNESSES AND THAT THERE IS NO EVIDENCE THAT THE EMPLOYEE OF THE GROUP CONCERN WAS FORCED TO WRITE WITH A PEN, THE THAT APPEARED ON THE PRINT OUTS TAKEN FROM THE PEN DRIVE. WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES BELOW AS WELL AS CASE LAW CITED, WE HOLD AS FOLLOWS: - A PERUSAL OF THE SEIZED DOCUMENTS R ELIED UPON BY THE ASSESSING OFFICER REVEALS THAT THEY ARE VERY OLD BALANCE SHEET PERTAINING TO 1 ST APRIL, 2002 TO 31 ST AGAIN TO THE PERIOD FROM 01/04/2004 TO 14/03/2005, UNDER THE HEAD SKB. THERE IS NO EVIDENCE AS TO WHETHER THE ABBREVIATIO N SKB IS AN ABBREVIATION OF THE ASSESSEE M/S. GOLDEN GOENKA FINCORP LTD. THERE IS NO DENIAL OF THE FACT THAT BOTH THESE DOCUMENTS WERE PRINTOUTS FROM THE PEN - DRIVE SEIZED FROM THE EMPLOYEE OF THE GROUP IF THE PRINT OUT WAS TAKEN FROM THE PEN DRIVE DURING THE COURSE OF SEARCH PROCEEDINGS, THEN THE ALLEGATION THAT THE MATTER WRITTEN IN INK IN THE HAND WRITING OF THE EMPLOYEE DURING THE SEARCH SHOULD BE TRUE. IT IS TRUE THAT THERE IS AN ADMISSION AND VOLUNTARY DISCLOSURE B GOENKA IN THE STATEMENT RECORDED U/S 132(4) OF THE ACT ON 17/03/2015 ON THE FIRST DAY OF SEARCH. IT IS ALSO TRUE THAT DURING THE COURSE OF SEARCH AND SEIZURE OPERATIONS ON THE LAST DATE I.E., 24/04/2015, THE STATEMENT WAS RETRACTED . T HE CONTENTS RECORDED IN THE STATEMENT DT. 17/03/2015 WAS RETRACTED AND DENIED BY SHRI GIRDHAR LAL GOENKA. WE IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . AS AN EXCHANGE FOR THE CASH PAID . HE SUBMITTED TES THAT NO SUCH TRANSACTIONS TOOK KEEP CASH WITH THEM FOR SUCH LONG PERIODS. HE TOOK THIS BENCH THROUGH EACH OF THE FINDINGS OF THE LD. CIT(A) AND SUPPORTED R HAS NOT BROUGHT ON RECORD ANY EVIDENCE IN SUPPORT OF THE WRITING WITH PEN ON THE PRINTOUTS TAKEN OUT FROM THE PEN OR ANY OTHER CORROBORATIVE EVIDENCE OR INVESTIGATION IN THE HANDS OF SHRI GIRDHAR LAL GOENKA. HE PRAYED THAT THE ORDER OF THE LD. FIRST APPELLATE AUTHORITY, BE UPHELD. IN REPLY, THE LD. CIT D/R, SUBMITTED THAT THE STATEMENT U/S 132(4) OF THE ACT IS THAT THERE IS NO EVIDENCE THAT THE EMPLOYEE OF THE GROUP CONCERN WAS FORCED TO WRITE WITH A PEN, THE WRITING IN INK WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES ELIED UPON BY THE ASSESSING OFFICER REVEALS ST MARCH, 2003 AND AGAIN TO THE PERIOD FROM 01/04/2004 TO 14/03/2005, UNDER THE HEAD SKB. THERE IS NO N SKB IS AN ABBREVIATION OF THE ASSESSEE M/S. GOLDEN GOENKA FINCORP LTD. THERE IS NO DENIAL OF THE FACT THAT BOTH THESE DRIVE SEIZED FROM THE EMPLOYEE OF THE GROUP TAKEN FROM THE PEN DRIVE DURING THE COURSE OF SEARCH PROCEEDINGS, THEN THE ALLEGATION THAT THE MATTER WRITTEN IN INK IN THE HAND IT IS TRUE THAT THERE IS AN ADMISSION AND VOLUNTARY DISCLOSURE B Y SHRI GIRDHAR LAL GOENKA IN THE STATEMENT RECORDED U/S 132(4) OF THE ACT ON 17/03/2015 ON THE FIRST DAY SEARCH AND SEIZURE OPERATIONS ON THE HE CONTENTS RECORDED IN THE BY SHRI GIRDHAR LAL GOENKA. WE NOTE THAT THIS IS NOT A CASE OF RETRACTION AFTER CLOSURE OF THE SEARCH. ON THESE FACTS, THE LD. CIT(A) HELD AS FOLLOWS:- 05. FINDINGS & DECISION: 1. I HAVE CAREFULLY CONSIDERED THE SUBMISSIONS OF THE APPELLANT AND THE OBSERVATIONS AND FINDINGS RECORDED BY THE LD. AO IN THE IMPUGNED ORDER. I HAVE ALSO PERUSED THE ASSESSMENT RECORDS FOR THE RELEVANT YEAR. IN ORDER TO ADJUDICATE THE ISSUE AT HAND, IT WO THE CASE IN PROPER CONTEXT. THE ASSESSEE COMPANY IS A PUBLIC LIMITED COMPANY ENGAGED IN THE PROVIDING NON- BANKING FINANCIAL SERVICES AND IS LISTED ON NSE & BSE. SEARCH ACTION U/S 132 WAS CONDUCTED UPON THE GOLDEN GOENKA GROUP ON 17.03.2015 OF WHICH THE ASSESSEE COMPANY IS THE FLAGSHIP CONCERN. WARRANT OF AUTHORIZATION WAS' ISSUED AND SUBSEQUENT PANCHNAMAS WERE ALSO DRAWN IN THE NAME OF THE APPELLANT. IN THE COURSE OF SEARCH OPERATIONS VARIOUS DOCUMENTS WERE SEIZED WHICH INTER ALIA INCLUDED DOCUMENTS ID MARKED GG/10 PAGE 71. THE DOCUMENT ID MARKED GG/10 'SKB' FOR THE YEAR 2002 05.04.2012 FOR ARRANG SHRI G L GOENKA, DIRECTOR OF THE APPELLANT WAS CONFRONTED WITH THE AFORESAID DOCUMENT AND IN REPLY TO QUESTION NO. 21 HE AFFIRMED THE CONTENTS OF THE DOCUMENT. ADDITIONALLY, HE ALSO SUO MOTO OFFERED SUM OF 40 CRORES BY WAY OF UNDISCLOSED INCOME FOR WHICH HE SOUGHT TIME TO FURNISH DETAILED BREAK WARRANT OF AUTHORIZATION WAS ISSUED ON 24.04.2015, ANOTHER STATEMENT OF SHRI GOENKA WAS RECORDED WHEREIN CRORES BUT SPECIFICALLY STATED IN REPLY TO QUESTION' NO. 6 OF THE SAID STATEMENT THAT HIS STATEMENT GIVEN IN RESPONSE TO EARLIER Q 21 WAS INCORRECT AND THAT HE WAS NOT IN THE PROPER STATE OF MIND WHILE ANSWERING THE QUERIES BACK THEN. IN SUM & SUBSTANCE, HE DENI DOCUMENT ID MARKED GG/10 THEREFORE OBSERVED THAT ALTHOUGH SHRI G L GOENKA IN HIS INITIAL STATEMENT RECORDED U/S 132(4) WHICH IS AN IMPORTANT AND DECISIVE PIECE OF EVIDENCE AFFIRMED THE NOTINGS LAST STATEMENT RECORDED BY THE INVESTIGATING OFFICER, HE HAD SPECIFICALLY DENIED THE SAME. 2. SUBSEQUENTLY, IN RESPONSE TO NOTICE U/S 153A THE APPELLANT RETURN OF INCOME OF RS.2,08, 143(2) & 142(1) WERE ISSUED WHICH THE APPELLANT COMPANY DULY COMPLIED WITH. IN THE COURSE OF PROCEEDINGS, SHRI G L GOENKA ALSO FILED ANOTHER RETRACTION STATEMENT DATED 09.04.2015 STATING THAT HE IS DENYING THE STATEMENT GIV COERCION. THE LD. AO HOWEVER WAS NOT AGREEABLE TO THE SAME AND HE THEREFORE SHOW CAUSED THE APPELLANT COMPANY TO EXPLAIN AS TO WHY THE SHARE CAPITAL TO THE EXTENT OF RS.25 CRORES RAISED DURING THE YEA NOT BE TREATED AS ITS UNDISCLOSED INCOME IN LIGHT OF THE CONTENTS OF THE DOCUMENT ID MARKED GG/10 FURNISHED BY THE APPELLANT, THE LD. AO IN HIS DETAILED FINDINGS & 7 M/S. GOLDEN GOENKA FINCORP LTD NOTE THAT THIS IS NOT A CASE OF RETRACTION AFTER CLOSURE OF THE SEARCH. ON THESE FACTS, THE LD. 05. FINDINGS & DECISION: I HAVE CAREFULLY CONSIDERED THE SUBMISSIONS OF THE APPELLANT AND THE OBSERVATIONS AND FINDINGS RECORDED BY THE LD. AO IN THE IMPUGNED ORDER. I HAVE ALSO PERUSED THE ASSESSMENT RECORDS FOR THE RELEVANT YEAR. IN ORDER TO ADJUDICATE THE ISSUE AT HAND, IT WO ULD FIRST BE RELEVANT TO PUT THE FACTS OF THE CASE IN PROPER CONTEXT. THE ASSESSEE COMPANY IS A PUBLIC LIMITED ENGAGED IN THE PROVIDING NON- BANKING FINANCIAL SERVICES AND IS LISTED ON NSE & BSE. SEARCH ACTION U/S 132 WAS CONDUCTED UPON THE GOLDEN GOENKA GROUP ON 17.03.2015 OF WHICH THE ASSESSEE COMPANY IS THE FLAGSHIP CONCERN. WARRANT OF AUTHORIZATION WAS' ISSUED AND SUBSEQUENT PANCHNAMAS WERE ALSO DRAWN IN THE NAME OF THE APPELLANT. IN THE COURSE OF SEARCH OPERATIONS VARIOUS DOCUMENTS WERE SEIZED IN THE COURSE OF SEARCH WHICH INTER ALIA INCLUDED DOCUMENTS ID MARKED GG/10 - PAGE 28 & GG/2 PAGE 71. THE DOCUMENT ID MARKED GG/10 - PAGE 28 WAS A TRIAL BALANCE OF 'SKB' FOR THE YEAR 2002 - 03 ON WHICH THERE WAS A NOTING THAT CASH PAID ON 05.04.2012 FOR ARRANG ING SHARE CAPITAL IN GOLDEN GOENKA. ON 17.03.2015, SHRI G L GOENKA, DIRECTOR OF THE APPELLANT WAS CONFRONTED WITH THE AFORESAID DOCUMENT AND IN REPLY TO QUESTION NO. 21 HE AFFIRMED THE CONTENTS OF THE DOCUMENT. ADDITIONALLY, HE ALSO SUO MOTO OFFERED SUM OF CRORES BY WAY OF UNDISCLOSED INCOME FOR WHICH HE SOUGHT TIME TO FURNISH DETAILED BREAK - UP IN DUE COURSE. SUBSEQUENTLY UPON OPERATION OF THE LAST WARRANT OF AUTHORIZATION WAS ISSUED ON 24.04.2015, ANOTHER STATEMENT OF SHRI GOENKA WAS RECORDED WHEREIN ALTHOUGH HE AFFIRMED HIS OFFER OF RS BUT SPECIFICALLY STATED IN REPLY TO QUESTION' NO. 6 OF THE SAID STATEMENT THAT HIS STATEMENT GIVEN IN RESPONSE TO EARLIER Q 21 WAS INCORRECT AND THAT HE WAS NOT IN THE PROPER STATE OF MIND WHILE ANSWERING THE QUERIES BACK THEN. IN SUM & SUBSTANCE, HE DENI ED THE CONTENTS OF THE DOCUMENT ID MARKED GG/10 - PAGE 28. FROM THE AFORESAID FACTS IT IS THEREFORE OBSERVED THAT ALTHOUGH SHRI G L GOENKA IN HIS INITIAL STATEMENT RECORDED U/S 132(4) WHICH IS AN IMPORTANT AND DECISIVE PIECE OF EVIDENCE AFFIRMED THE NOTINGS ON DOCUMENT ID MARKED GG/10- PAGE 28 BUT IN HIS LAST STATEMENT RECORDED BY THE INVESTIGATING OFFICER, HE HAD SPECIFICALLY DENIED THE SAME. SUBSEQUENTLY, IN RESPONSE TO NOTICE U/S 153A THE APPELLANT RETURN OF INCOME OF RS.2,08, 51,050/-. IN RE SPONSE TO THE NOTICES ISSUED U/S 143(2) & 142(1) WERE ISSUED WHICH THE APPELLANT COMPANY DULY COMPLIED WITH. IN THE COURSE OF PROCEEDINGS, SHRI G L GOENKA ALSO FILED ANOTHER RETRACTION STATEMENT DATED 09.04.2015 STATING THAT HE IS DENYING THE STATEMENT GIV EN ON 17.03.2015 AND THAT IT WAS GIVEN UNDER DURESS AND COERCION. THE LD. AO HOWEVER WAS NOT AGREEABLE TO THE SAME AND HE THEREFORE SHOW CAUSED THE APPELLANT COMPANY TO EXPLAIN AS TO WHY THE SHARE CAPITAL TO THE EXTENT OF RS.25 CRORES RAISED DURING THE YEA NOT BE TREATED AS ITS UNDISCLOSED INCOME IN LIGHT OF THE CONTENTS OF THE DOCUMENT ID MARKED GG/10 - PAGE 28. AFTER EXAMINING THE EXPLANATION FURNISHED BY THE APPELLANT, THE LD. AO IN HIS DETAILED FINDINGS & IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . NOTE THAT THIS IS NOT A CASE OF RETRACTION AFTER CLOSURE OF THE SEARCH. ON THESE FACTS, THE LD. I HAVE CAREFULLY CONSIDERED THE SUBMISSIONS OF THE APPELLANT AND THE OBSERVATIONS AND FINDINGS RECORDED BY THE LD. AO IN THE IMPUGNED ORDER. I HAVE ALSO PERUSED THE ASSESSMENT RECORDS FOR THE RELEVANT YEAR. IN ORDER TO ULD FIRST BE RELEVANT TO PUT THE FACTS OF THE CASE IN PROPER CONTEXT. THE ASSESSEE COMPANY IS A PUBLIC LIMITED ENGAGED IN THE PROVIDING NON- BANKING FINANCIAL SERVICES AND IS LISTED ON NSE & BSE. SEARCH ACTION U/S 132 WAS CONDUCTED UPON THE GOLDEN GOENKA GROUP ON 17.03.2015 OF WHICH THE ASSESSEE COMPANY IS THE FLAGSHIP CONCERN. WARRANT OF AUTHORIZATION WAS' ISSUED AND SUBSEQUENT PANCHNAMAS WERE ALSO DRAWN IN THE NAME OF THE APPELLANT. IN THE COURSE OF IN THE COURSE OF SEARCH PAGE 28 & GG/2 PAGE 28 WAS A TRIAL BALANCE OF 03 ON WHICH THERE WAS A NOTING THAT CASH PAID ON ING SHARE CAPITAL IN GOLDEN GOENKA. ON 17.03.2015, SHRI G L GOENKA, DIRECTOR OF THE APPELLANT WAS CONFRONTED WITH THE AFORESAID DOCUMENT AND IN REPLY TO QUESTION NO. 21 HE AFFIRMED THE CONTENTS OF THE DOCUMENT. ADDITIONALLY, HE ALSO SUO MOTO OFFERED SUM OF RS CRORES BY WAY OF UNDISCLOSED INCOME FOR WHICH HE SOUGHT TIME TO FURNISH UP IN DUE COURSE. SUBSEQUENTLY UPON OPERATION OF THE LAST WARRANT OF AUTHORIZATION WAS ISSUED ON 24.04.2015, ANOTHER STATEMENT OF ALTHOUGH HE AFFIRMED HIS OFFER OF RS . 40 BUT SPECIFICALLY STATED IN REPLY TO QUESTION' NO. 6 OF THE SAID STATEMENT THAT HIS STATEMENT GIVEN IN RESPONSE TO EARLIER Q 21 WAS INCORRECT AND THAT HE WAS NOT IN THE PROPER STATE OF MIND WHILE ANSWERING ED THE CONTENTS OF THE PAGE 28. FROM THE AFORESAID FACTS IT IS THEREFORE OBSERVED THAT ALTHOUGH SHRI G L GOENKA IN HIS INITIAL STATEMENT RECORDED U/S 132(4) WHICH IS AN IMPORTANT AND DECISIVE PIECE OF EVIDENCE PAGE 28 BUT IN HIS LAST STATEMENT RECORDED BY THE INVESTIGATING OFFICER, HE HAD SPECIFICALLY SUBSEQUENTLY, IN RESPONSE TO NOTICE U/S 153A THE APPELLANT -COMPANY FILED SPONSE TO THE NOTICES ISSUED U/S 143(2) & 142(1) WERE ISSUED WHICH THE APPELLANT COMPANY DULY COMPLIED WITH. IN THE COURSE OF PROCEEDINGS, SHRI G L GOENKA ALSO FILED ANOTHER RETRACTION STATEMENT DATED 09.04.2015 STATING THAT HE IS DENYING THE EN ON 17.03.2015 AND THAT IT WAS GIVEN UNDER DURESS AND COERCION. THE LD. AO HOWEVER WAS NOT AGREEABLE TO THE SAME AND HE THEREFORE SHOW CAUSED THE APPELLANT COMPANY TO EXPLAIN AS TO WHY THE SHARE CAPITAL TO THE EXTENT OF RS.25 CRORES RAISED DURING THE YEA R SHOULD NOT BE TREATED AS ITS UNDISCLOSED INCOME IN LIGHT OF THE CONTENTS OF THE PAGE 28. AFTER EXAMINING THE EXPLANATION FURNISHED BY THE APPELLANT, THE LD. AO IN HIS DETAILED FINDINGS & OBSERVATIONS AS RECORDED IN THE ASSESSMEN RS.25,00,00 , APPELLANT'S UNDISCLOSED INCOME. 3. IN THE WRITTEN SUBMISSION FILED BY THE LD. AR, THE APPELLANT HAS ASSAILED THE IMPUGNED ORDER OF THE LD. AO ON SEVERAL FRONTS V U/S 132(4) DID NOT HAVE AN EVIDENTIARY VALUE IN VIEW OF THE SUBSEQUENT STATEMENT RECORDED BEFORE THE INVESTIGATING AUTHORITIES ON 21.04.2015 AND ALSO THE RETRACTION STATEMENTS GIVEN BY THE APPELLANT ON 09.04.2015 AND 11.02.2016, NOTINGS IN QUESTION WERE FORCIBLY MADE FROM THE APPELLANT IN THE COURSE OF SEARCH, (C) THAT THERE WAS NO CORROBORATIVE EVIDENCE OR MATERIAL BROUGHT ON RECORD TO SUBSTANTIATE THE (D) THAT ENQUIRIES WHATSOEVER WAS MADE BY THE INVESTIGATION OFFICER AS WELL AS THE L.D. AO TO ESTABLISH ANY CASH TRAIL ETC. WITH REFERENCE TO THE ALLEGED NOTINGS FOUND IN THE SEIZED DOCUMENT, (E) THAT THE SHARE CAPITAL WAS RECEI VED FROM THE GROUP ENTITIES OF THE GOLDEN GOENKA GROUP AND HENCE THE ALLEGATION THAT UNDISCLOSED MONIES WERE ROUTED INTO THE ASSESSEE COMPANY BY WAY OF ACCOMMODATION ENTRIES IS FACTUALLY ERRONEOUS, (F) THAT THE DATES FOUND MENTIONED IN THE SEIZED DOCUMENT RECEIPT OF SHARE APPLICATION ARE POLES APART WHICH SHOWS THAT THE NOTINGS MADE THEREIN WAS BALD, (G) WITHOUT PREJUDICE IT WAS ALTERNATIVELY CLAIMED THAT FROM THE NOTINGS AS WELL AS THE STATEMENT U/S 132(4) IT WAS APPARENT THAT THE CA SH, IF ANY, WAS PAID BY SHRI G L GOENKA AND HENCE IT REPRESENTED IS UNDISCLOSED MONIES AND NOT OF THE APPELLANT HAD ALREADY ASSESSED INCOME IN EXCESS OF RS.86 CRORES IN THE HANDS OF SHRI GOENKA AND THEREFORE THE BENEFIT OF TELESC APPELLANT- COMPANY. EACH OF THE CONTENTIONS PUT FORTH BY THE LD. AO HAS BEEN DEALT WITH INDEPENDENTLY BELOW. 8 M/S. GOLDEN GOENKA FINCORP LTD OBSERVATIONS AS RECORDED IN THE ASSESSMEN T ORDER, ASSESSED THE SUM OF , 000 /- RECEIVED BY WAY OF SHARE APPLICATION MONIES AS THE APPELLANT'S UNDISCLOSED INCOME. IN THE WRITTEN SUBMISSION FILED BY THE LD. AR, THE APPELLANT HAS ASSAILED THE IMPUGNED ORDER OF THE LD. AO ON SEVERAL FRONTS V IZ., (A) THAT THE STATEMENT U/S 132(4) DID NOT HAVE AN EVIDENTIARY VALUE IN VIEW OF THE SUBSEQUENT STATEMENT RECORDED BEFORE THE INVESTIGATING AUTHORITIES ON 21.04.2015 AND ALSO THE RETRACTION STATEMENTS GIVEN BY THE APPELLANT ON 09.04.2015 AND 11.02.2016, (B) THAT THE CONTENTS OF THE DOCUMENTS WERE FALSE AND THAT THE NOTINGS IN QUESTION WERE FORCIBLY MADE FROM THE APPELLANT IN THE COURSE OF SEARCH, (C) THAT THERE WAS NO CORROBORATIVE EVIDENCE OR MATERIAL BROUGHT ON RECORD TO SUBSTANTIATE THE ALLEGED BALD A DDITION MADE BY THE AO, AND (D) THAT ENQUIRIES WHATSOEVER WAS MADE BY THE INVESTIGATION OFFICER AS WELL AS THE L.D. AO TO ESTABLISH ANY CASH TRAIL ETC. WITH REFERENCE TO THE ALLEGED NOTINGS FOUND IN THE SEIZED DOCUMENT, (E) THAT THE SHARE CAPITAL VED FROM THE GROUP ENTITIES OF THE GOLDEN GOENKA GROUP AND HENCE THE ALLEGATION THAT UNDISCLOSED MONIES WERE ROUTED INTO THE ASSESSEE COMPANY BY WAY OF ACCOMMODATION ENTRIES IS FACTUALLY ERRONEOUS, (F) THAT THE DATES FOUND MENTIONED IN THE SEIZED DOCUMENT AND THE ACTUAL DATE OF RECEIPT OF SHARE APPLICATION ARE POLES APART WHICH SHOWS THAT THE NOTINGS MADE THEREIN WAS BALD, (G) WITHOUT PREJUDICE IT WAS ALTERNATIVELY CLAIMED THAT FROM THE NOTINGS AS WELL AS THE STATEMENT U/S 132(4) IT WAS APPARENT SH, IF ANY, WAS PAID BY SHRI G L GOENKA AND HENCE IT REPRESENTED IS UNDISCLOSED MONIES AND NOT OF THE APPELLANT - COMPANY AND (H) THE LD. AO HAD ALREADY ASSESSED INCOME IN EXCESS OF RS.86 CRORES IN THE HANDS OF SHRI GOENKA AND THEREFORE THE BENEFIT OF TELESC OPING BE ALLOWED TO THE COMPANY. EACH OF THE CONTENTIONS PUT FORTH BY THE LD. AO HAS BEEN DEALT WITH INDEPENDENTLY BELOW. IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . T ORDER, ASSESSED THE SUM OF /- RECEIVED BY WAY OF SHARE APPLICATION MONIES AS THE IN THE WRITTEN SUBMISSION FILED BY THE LD. AR, THE APPELLANT HAS ASSAILED THE IZ., (A) THAT THE STATEMENT U/S 132(4) DID NOT HAVE AN EVIDENTIARY VALUE IN VIEW OF THE SUBSEQUENT STATEMENT RECORDED BEFORE THE INVESTIGATING AUTHORITIES ON 21.04.2015 AND ALSO THE RETRACTION STATEMENTS GIVEN BY THE APPELLANT ON 09.04.2015 AND (B) THAT THE CONTENTS OF THE DOCUMENTS WERE FALSE AND THAT THE NOTINGS IN QUESTION WERE FORCIBLY MADE FROM THE APPELLANT IN THE COURSE OF SEARCH, (C) THAT THERE WAS NO CORROBORATIVE EVIDENCE OR MATERIAL BROUGHT DDITION MADE BY THE AO, AND (D) THAT ENQUIRIES WHATSOEVER WAS MADE BY THE INVESTIGATION OFFICER AS WELL AS THE L.D. AO TO ESTABLISH ANY CASH TRAIL ETC. WITH REFERENCE TO THE ALLEGED NOTINGS FOUND IN THE SEIZED DOCUMENT, (E) THAT THE SHARE CAPITAL VED FROM THE GROUP ENTITIES OF THE GOLDEN GOENKA GROUP AND HENCE THE ALLEGATION THAT UNDISCLOSED MONIES WERE ROUTED INTO THE ASSESSEE COMPANY BY WAY OF ACCOMMODATION ENTRIES IS FACTUALLY ERRONEOUS, (F) THAT AND THE ACTUAL DATE OF RECEIPT OF SHARE APPLICATION ARE POLES APART WHICH SHOWS THAT THE NOTINGS MADE THEREIN WAS BALD, (G) WITHOUT PREJUDICE IT WAS ALTERNATIVELY CLAIMED THAT FROM THE NOTINGS AS WELL AS THE STATEMENT U/S 132(4) IT WAS APPARENT SH, IF ANY, WAS PAID BY SHRI G L GOENKA AND HENCE IT REPRESENTED COMPANY AND (H) THE LD. AO HAD ALREADY ASSESSED INCOME IN EXCESS OF RS.86 CRORES IN THE HANDS OF SHRI OPING BE ALLOWED TO THE COMPANY. EACH OF THE CONTENTIONS PUT FORTH BY THE LD. AO HAS 9 M/S. GOLDEN GOENKA FINCORP LTD IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . 8. WE FIND NO INFIRMITY IN THIS ORDER OF THE LD. CIT( THE LD. CIT(A) COULD NOT BE CONTROVERTED BY THE LD. D/R. THE DECISIONS RELIED UPON BY THE 10 M/S. GOLDEN GOENKA FINCORP LTD WE FIND NO INFIRMITY IN THIS ORDER OF THE LD. CIT( A). THE FACTUAL FINDINGS MADE BY THE LD. CIT(A) COULD NOT BE CONTROVERTED BY THE LD. D/R. THE DECISIONS RELIED UPON BY THE IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . A). THE FACTUAL FINDINGS MADE BY THE LD. CIT(A) COULD NOT BE CONTROVERTED BY THE LD. D/R. THE DECISIONS RELIED UPON BY THE LD. D/R ARE NOT APPLICABLE TO THE FACTS OF THE CASE. IN THE CASE OF THE SWORN STATEMENT WAS NOT RETRACTED. OF SEARCH ITSELF. IN THE CASE OF M/S. BANNALAL JAT CONSTRUCTIONS (SUPRA) AFTER DISCUSSING A NUMBER OF CASE STATEMENT AND THAT AD MISSION MADE U/S 132(4) OF THE ACT PIECE OF EVIDENCE THOUGH IT IS NOT CONCLUSIVE BEEN BROUGHT ON RECORD BY THE ASSESSING OFFICER NOTINGS MADE ON THE PRINTOUTS OF THE BALANCE THE INCOME OF THE ASSESSEE. WRITING ON A PAPER TAKEN AS A PRINT OUT FROM A PEN DRIVE FOUND DURING THE COURSE OF SEARCH CANNOT BE INCOME BY ANY STRETCH OF IMAGINATION. WHEN THE ASSESSEE M AKES CERTAIN SERIOUS ALLEGATION DURING THE SEARCH OPERATIONS AND DENIES THE CONTENT OF THE STATEMENT RECORDED FROM HIM U/S 132(4) OF THE ACT, THE BURDEN SHIFTS TO THE REVENUE TO PROVE THAT THE SAME IS INCOME. THE LD. CIT(A) IN OUR VIEW HAS CORRECTLY ANALYZ ED THE FACTUAL AND LEGAL POSITION IN THIS CASE. HENCE WE UPHOLD THE SAME. 9. THE FACTS AND CIRCUMSTANCES ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 & 2015- 16. IN VIEW OF THE ABOVE DISCUSSION, WE SEE NO REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A) ON THIS ISSUE 10. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE ARE DISMISSED. KOLKATA, THE SD/- [S.S. GODARA] JUDICIAL MEMBER DATED : 16.09.2020 {SC SPS} 11 M/S. GOLDEN GOENKA FINCORP LTD LD. D/R ARE NOT APPLICABLE TO THE FACTS OF THE CASE. IN THE CASE OF B. KISHORE KUMAR (SUPRA) THE SWORN STATEMENT WAS NOT RETRACTED. IN THIS CASE THE RETRACTION WAS DURING THE COURSE M/S. BANNALAL JAT CONSTRUCTIONS (SUPRA) , THE HONBLE HIGH COURT AFTER DISCUSSING A NUMBER OF CASE - LAW HAS HELD THAT THE ASSESSEE MAY RETRACT FROM THE MISSION MADE U/S 132(4) OF THE ACT IS AN EXTREMELY IMPORTANT PIECE OF EVIDENCE THOUGH IT IS NOT CONCLUSIVE . IN THIS CASE, NO CORROBORATIVE EVIDENCE HAS BEEN BROUGHT ON RECORD BY THE ASSESSING OFFICER IN SUPPORT OF HIS FINDINGS THAT PRINTOUTS OF THE BALANCE SHEETS TAKEN FROM THE PEN DRIVE, ARE IN FACT THE INCOME OF THE ASSESSEE. WRITING ON A PAPER TAKEN AS A PRINT OUT FROM A PEN DRIVE FOUND DURING THE COURSE OF SEARCH CANNOT BE INCOME BY ANY STRETCH OF IMAGINATION. AKES CERTAIN SERIOUS ALLEGATION DURING THE SEARCH OPERATIONS AND DENIES THE CONTENT OF THE STATEMENT RECORDED FROM HIM U/S 132(4) OF THE ACT, THE BURDEN SHIFTS TO THE REVENUE TO PROVE THAT THE SAME IS INCOME. THE LD. CIT(A) IN OUR VIEW ED THE FACTUAL AND LEGAL POSITION IN THIS CASE. HENCE WE UPHOLD THE THE FACTS AND CIRCUMSTANCES ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 16. IN VIEW OF THE ABOVE DISCUSSION, WE SEE NO REASON TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A) ON THIS ISSUE AND UPHOLD THE SAME. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE ARE DISMISSED. KOLKATA, THE 16 TH DAY OF SEPTEMBER, 2020. [ J. SUDHAKAR REDDY ACCOUNTANT MEMBER IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . B. KISHORE KUMAR (SUPRA) , IN THIS CASE THE RETRACTION WAS DURING THE COURSE , THE HONBLE HIGH COURT LAW HAS HELD THAT THE ASSESSEE MAY RETRACT FROM THE IS AN EXTREMELY IMPORTANT . IN THIS CASE, NO CORROBORATIVE EVIDENCE HAS IN SUPPORT OF HIS FINDINGS THAT THE SHEETS TAKEN FROM THE PEN DRIVE, ARE IN FACT THE INCOME OF THE ASSESSEE. WRITING ON A PAPER TAKEN AS A PRINT OUT FROM A PEN DRIVE FOUND DURING THE COURSE OF SEARCH CANNOT BE INCOME BY ANY STRETCH OF IMAGINATION. AKES CERTAIN SERIOUS ALLEGATION DURING THE SEARCH OPERATIONS AND DENIES THE CONTENT OF THE STATEMENT RECORDED FROM HIM U/S 132(4) OF THE ACT, THE BURDEN SHIFTS TO THE REVENUE TO PROVE THAT THE SAME IS INCOME. THE LD. CIT(A) IN OUR VIEW ED THE FACTUAL AND LEGAL POSITION IN THIS CASE. HENCE WE UPHOLD THE THE FACTS AND CIRCUMSTANCES ARE IDENTICAL FOR BOTH THE ASSESSMENT YEARS 2013 -14 16. IN VIEW OF THE ABOVE DISCUSSION, WE SEE NO REASON TO INTERFERE WITH THE SD/- J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER COPY OF THE ORDER FORWARDED TO: 1. M/S. GOLDEN GOENKA FINCORP LTD 1, BRITISH INDIA STREET DHARMATALA KOLKATA 700 069 2. ASSTT. COMMISSIONER OF INCOME TAX, CC 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. 12 M/S. GOLDEN GOENKA FINCORP LTD M/S. GOLDEN GOENKA FINCORP LTD ASSTT. COMMISSIONER OF INCOME TAX, CC -4(3), KOLKATA 5. CIT(DR), KOLKATA BENCHES, KOLKATA. ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES IT(SS)A NO. 1/KOL/2019 ASSESSMENT YEAR: 2013-14 & IT(SS)A NO. 2/KOL/2019 ASSESSMENT YEAR: 2015-16 M/S. GOLDEN GOENKA FINCORP LTD . TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES