ITA No 483 of 2024 MSN Institute of Medical Sciences P Ltd

Parties Involved

Facts Summary

The assessee, MSN Institute of Medical Sciences P Ltd, filed its return of income for the Assessment Year 2015-16 declaring a loss of Rs.36,000. A search and seizure operation was conducted on 06/02/2020, and incriminating documents were found during the search at the residence of an employee of the assessee. These documents indicated that the assessee had paid Rs.81.00 lakhs towards the purchase of land admeasuring 3.10 acres and 1 acre situated at Kothur Village. The assessee admitted to paying Rs.68.00 lakhs as on-money for the purchase of land, which was not disclosed in the return of income. The Assessing Officer proposed an addition of Rs.68.00 lakhs under section 69 of the I.T. Act, 1961. The assessee argued that the statement given during the search was withdrawn, and the seized documents did not support the addition. The CIT(A) allowed a partial relief of Rs.10.00 lakhs and sustained the addition of Rs.58.00 lakhs. The assessee appealed to the Tribunal, arguing that the addition should be deleted as there was no clear evidence for the payment of Rs.41.00 lakhs. The Tribunal upheld the addition to the extent of Rs.30.00 lakhs and directed the deletion of the addition of Rs.41.00 lakhs.…

Legal Issues

• 1. Whether the addition of Rs.58.00 lakhs made by the Assessing Officer is justified?

Judgment Outcome

Decided in favour of Assessee.

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