2012 (9) TMI 476

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.... and interest thereon for Rs.82,875/- as panchnama drawn by CBI shows that these IVPs were in joint names of Shri R.P. Singh and his wife Mrs., Usha Singh. The claim that the investment is reflected in the return of income of the company holds no ground as the return of income of the company for the assessment year 2000-01 was filed on 30.11.2000 after the search by CBI was concluded at the resident of Shri RP Singh. 2. The appellant craves to be allowed to amend, delete or add any other grounds of appeal during the course of hearing of this appeal. 2. The brief facts of the case are that assessment in this case was completed u/s 143(3) on 3.2.2003 at a total income of Rs.3,60,180/- against returned income of Rs.2,96,210/-. The reside....

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.... locker of Shri RP Singh and Mrs. Usha Singh, they cannot be said to be belong to the company. 3. That income tax return of the company for assessment year 2000-01 was filed on 30.11.2000 after the date of search and assessee had shown the investment as that of company to cover up the investment in IVPs recovered from his locker. 3. Aggrieved, the assessee filed appeal before Ld CIT(A) and submitted the following:- 1. That investment in IVPs of Rs.9,00,000/- were made by the company M/s RP Singh & Co. Pvt. Ltd. during the period 12.7.1999 to 15.7.1999 and these IVPs were bearer in nature and were kept in the locker maintained in the joint name of Shri RP Singh and his wife Mrs. Usha Singh. 2. That these IVPs had been properly di....

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....ar and also explained the source of investment made by the company. The Assessing Officer had not pointed out any defect in these documents. The single investment and income thereon cannot be assessed in two hands. The investment in IVPs and interest thereon is already assessed in the hands of the company of which the assessee is a director. In view of the above discussion, in my considered opinion, the addition made by the Assessing Officer is not sustainable and therefore directed ton be deleted." 5. Aggrieved, the revenue has filed appeal before this Tribunal. 6. The Ld DR argued that IVPs were recovered from the personal locker of Shri RP Singh and his wife and argued that company's asset cannot be in the locker of director. He fu....