Triveni Engineering & Industries Ltd. vs. ACIT

Parties Involved

Facts Summary

Triveni Engineering & Industries Ltd. is engaged in the manufacture and sale of sugar, turbines, gears & gear-boxes, and project-related activities. During the relevant year, the assessee along with two group companies purchased land at Kharar. The Assessing Officer made an addition of Rs.61,49,487/- on acquiring the land at Kharar, which was not recorded in the books of accounts and treated as unexplained investment under section 69 of the Income Tax Act, 1961. The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals), Noida dated 27.01.2016. The assessee argued that the addition was made on the basis of unsigned, unverified, and unauthenticated papers/computerized printouts seized during the search. The assessee also argued that no tangible corroborative material/evidence was found to establish that any source of cash out of which the so-called amount could have been spent by the assessee.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer was justified?
• 2. Whether the addition of additional depreciation was justified?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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