TaxTMI 
TaxTMI 
2013 (1) TMI 13
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....n taken. 4. It is a matter of record that during the course of the assessment proceedings on remand, the assessee's representative categorically stated that he did not want copies of any statements or documents, since he was having them all. Thus the order sheet dated 07.03.2002 noted the above-said statement signed by the assessee's representative R.N. Patel, Advocate. The Officer pointed out that the said representative was authorised by the assessee and noted the said statement signed by the assessee's representative. It is a matter of record that the assessee was granted an opportunity to cross-examine one Akbar Shah of L.K.S. Gold House. The Officer pointed out to the cross-examination in extenso that the assessee had purchased gold and jewellery to the tune of Rs.1.7 crores with the assistance of the said Akbar Shah and the commission received on the sales were declared as the undisclosed income of his concern. Thus, based on the information received, the Officer came to the conclusion that the assessee was to be assessed at a sum of Rs.1,69,62,679/-, representing the assessee's undisclosed income. Further, the assessment also included the investment made in two house....
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....in P.R.Wines, the Tribunal pointed out that it is not anybody's case that the assessee was not owning any agricultural land and was not in receipt of any agricultural income. When the Department had not disputed that the assessee had a large extent of agricultural lands and earning a substantial agricultural income, the Revenue should have considered the same as regards the investment made in P.R.Wines. 9. As regards the thandal business, the Tribunal, however, pointed out that there were no seized documents to hold that the thandal business was done exclusively by the assessee and that the entire investment was only by the assessee. The assessee admitted that the thandal business was carried on along with two other persons. That being the case, the assessment at a sum of Rs.27,00,000/- as though the assessee had made an investment to that end, could not be sustained. It further pointed out that there were no materials seized to make this investment as part of the block assessment. 10. Apart from these enumerated items, there were further investments which were also the subject matter of appeal before the Tribunal. For the present, we are not concerned about those issues, ....
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....; 12. As far as the investment on the properties is concerned, when the assessee had not let in any evidence that the assessee's wife and son had any independent income, rightly the assessment was made based on the estimation in the return regarding the rental income. 13. As regards the the investment on shares made by the assessee is concerned, the investment was one of unaccounted sum. So too, with reference to P.R. Wines, he pointed out that the assessee had not let in any evidence that the investment was made out of the agricultural income and hence, the assessment was rightly made at the hands of the assessee to the extent of Rs.10,17,905/- as unexplained investment in P.R. Wines. 14. Learned counsel appearing for the assessee pointed out that as far as the assessment of Rs.1,69,62,679/- in respect of purchases made by the assessee and also representing the assessee's undisclosed income is concerned, there is absolutely no material at the hands of the Revenue to assume that the assessee had undisclosed income. Even the cross-examination of Akbar Shah, representative of L.K.S. Gold House, did not reveal anything to draw an inference that the assessee had transa....
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.... note sheet dated 07.03.2002 wherein, the assessee's representative stated that the assessee did not require copies of any statement or document, since it had them all. 18. As already pointed out earlier, we directed the learned Standing Counsel to produce the records of assessment. We have perused the same. We find that the assessee had, in fact, made an endorsement through his representative that the assessee had all the statements and documents that he required. It is also a matter of record that the assessee was given an opportunity to cross-examine Akbar Shah of L.K.S. Gold House. Thus, there are hardly any material to support the Tribunal's view that the assessee was not granted any opportunity to substantiate his case or that the remand order of the Tribunal was not properly complied with. The observation of the Tribunal in paragraph 7.5 of its order is devoid of any material and we do not find any justification in the Tribunal drawing an adverse inference against the Revenue. We do not know on what basis the said observation of the Tribunal was made. In the circumstances, we set aside the order of the Tribunal as contained in paragraph 7.5 of its order, which is the....
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....he name of the assessee. A reading of the assessment order shows that on an investigation made, it was found that the assessee had started the wine shop in the name and style of P.R. Wines in June, 1995 and the assessee was asked to explain the investment made. For this, the assessee had stated that he had started the business along with four others, each contributing a sum of Rs.1,25,000/- as capital. The Assessing Officer pointed out to an enquiry with two of the partners viz., R.Ramakrishnan and Ilamparithi, who stated that they had no interest in the wine shop. The assessee was asked to produce the details regarding the investment and the assessee had stated that they were out of the income from the investment made or income derived from the agricultural lands of 6 acres at Jamindar Patti, P.M.District, which belonged to the HUF. In the absence of any further material as regards the existence, constitution of the HUF and the assets and liabilities thereon, the Assessing Officer found that the investment thus remaining unexplained, assessment was to be made under Chapter XIV. 22. As far as this aspect is concerned, as in the earlier issue of investment in house property, we do ....