TaxTMI 
TaxTMI 
2014 (8) TMI 489
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....ion 132 of the Income-tax Act in the case of Malpani Groups. During the course of search in Malpani Groups, a locker key was found at the residence of Shri Surjanath Sidh. It was found that the locker in Oriental Bank of Commerce was in the name of Shri Pursottam Mundra, who was an employee of said Surajnath Sidh. During the course of search, in locker, certain dishonoured cheques were found and seized. Out of these, the major dishonoured cheques were found to be in respect of Raju Fabrics, Roopan Textiles and Rahul International of Rs. 45 lacs, Rs. 15 lacs and Rs. 45 lacs, respectively. That the details were called from the Bank, to which the cheques belonged to, regarding the account holders. The copy of the bank statements were also called for from the banks. From the copy of the bank accounts called for, it was observed that a huge amount of cash was deposited and the cheques have been issued. The said cheques were from the accounts of Rahul International and Roopa Textiles and were mostly issued in the names of (i) Gunjan Exports, (ii) Raju Fabrics and (iii) Aditya Yarn Pvt. Ltd. On further enquiry, during the search, the address given in the bank accounts were found to be bog....
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....oyal Industries Ltd. However, the authority did not accept the case on behalf of the aforesaid Shri Rajendra Goyal, Director of Goyal Industries Ltd. And formed an opinion that undisclosed income discovered during the search has been earned and belongs to the persons i.e. Goyal Industries Ltd., Goyal Synthetics Pvt. Ltd., Foremost Finvest Pvt. Ltd., Aditya Yarn Pvt. Ltd. And Raju Fabrics and Gunjan Exports, Prop. Shri Satyanarayan Sharma, which are other than persons covered under section 132 of the I.T. Act, and therefore, having so satisfied has issued notices upon the respective petitioners and others as mentioned in the Notice under section 158BD of the I.T. Act. 5. Feeling aggrieved and dissatisfied with the impugned notice issued under section 158BD of the I.T. Act,the respective petitioners have preferred the present petitions under Article 226 of the Constitution of India. 6. Mr. B.S. Soparkar learned advocate appearing on behalf of the petitioners has vehemently submitted that the impugned notices issued against the petitioners under sec. 158BD of the Act is absolutely illegal and contrary to law. It is submitted that as such none of the requirements as contemplated/....
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....submitted that considering the statements recorded during the inquiry/search, more particularly, one Shri Dilip Makwana who was serving as Peon in the office of Rajendra Goyal, Director of Goyal Industries Ltd. as well as Satyanarayan Sharma who was manager of Goyal Industries Ltd., the Assessing Officer was satisfied that the undisclosed income has been earned and belonged to the persons against whom the notices issued under section 158BD of the Act. It is submitted that considering the provisions of section 158BD of the Act, the petitioners and other persons/firm against whom the notices have been issued can be said to be the persons other than the persons with respect to whom the search was made under section 132 of the Act. It is submitted that having arrived at the subjective satisfaction as provided under section 158BD of the Act, the impugned notices have been issued under section 158BD of the Act. It is further submitted that as such the satisfaction arrived at by the Assessing Officer initiating the proceedings under section 158BD are on the basis of the material on record collected during the course of the search under section 132 of the Act. It is submitted that the cont....
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....d Rahul International as below: Sr. Names Description of seized material Amount (Rs.) 1 M/s. Raju Fabrics Page-26 to 29 of BS-2 45,00,000 2 M/s. Roopa Textiles Page-41 to 43 of BS-2 15,00,000 3 M/s. Rahul International Page-46,47,51 to 62 of BS-2 45,00,000 The details were called from the banks, to which the cheques belonged to, regarding the account holders. The copy of the bank statements were also called for from the banks. The details of entries contained in the said accounts are as below: Sr no. Name and Address of Account holder Account no. & Name of the bank Period of transaction Total Transaction Cash Deposited 1 Rahul International Prop. Shri Rahul Chopra 2871 The financial co.op.Bank Ltd 14.02.2001 to 28.03.2001 5,54,78,500 5,54,78,500 2 Rahul International Prop. Shri Dilip Makwana 1071 The Udhna citizens co.op.Bank Ltd 26.12.2000 to 30.03.2002 12,61,02,497 9,08,03,749 3 Roopa Textiles Prop. Shri Rajesh Nath 1089 The Udhna citizens co.op.Bank Ltd 29.12.2000 to 29.09.2001 7,66,22,760 5,63,47,106 4 Raju Fabrics Prop. Shri Satyanarayan Da....
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.... and the books of accounts were being written at the office of Shri Rajendra Goyal, director of Goyal Ind. Ltd. It was stated by him that the cash deposited in the accounts of Rahul International and Roopa Textiles as pointed out above was actually given to him by Shri Rajendra Goyal. It is stated by Shri Sharma that he was actually handling all the bank accounts of the group at the instruction of Shri Rajendra Goyal. 6. In view of the statement made by Shri Satyanarayan Sharma, summons were issued to Shri Rajendra Goyal and his statement was recorded u/s 131 of the IT Act. Shri Rajendra Goyal denied the knowledge of accounts, mentioned in para-4 above. It was stated by him that Shri Satyanarayan Sharma was not his employee,but he was purchasing yarns from Goyal Ind. Ltd. It is stated by Shri Rajendra Goyal that he had only business relations with Shri Satyanarayan Sharma. He expressed his complete ignorance about the accounts, as mentioned in para-4 or deposit of cash in the said accounts. 7. The statement made by Shri Rajendra Goyal does not appear to be correct because the sequence of transaction is as below: (I) The three concerns namely (i) Goyal Ind. Ltd. (ii) Goyal ....
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.... deposit by way of cash in the aforesaid accounts, the entries have been received by way of transfer from other accounts in the same bank i.e. the Udhna Citizen Co.Op. Bank ltd. The statement of such four accounts have been called for. (a) Pakeeza Dresses A/c No. 898 (b) Tin Silk Mills A/c No. 996 (c) Jay Rayon A/c. No. 1063 (d) Surti Textiles A/c. No. 929 In the aforesaid accounts also, some cash is deposited. The total credits and deposits by way of cash in the accounts is as below: Sr no. Name and Address of Account holder Account no. & Name of the bank Period of transaction Total Transaction Cash Deposited 1 Pakeeza Dresses 898 The Udhna Citizen co.op. Bank 28.07.2000 to 31.03.2001 24,20,04,211 15,38,32,00 0 2 Yash Fabrics 734 The Udhna Citizen co.op. Bank 02.03.2000 to 29.07.2001 6,95,00,908 79,43,000 3 Tin Silk Mills 996 The Udhna Citizen co.op. Bank 23.10.2000 to 28.03.2001 4,03,79,087 4,70,000 4 Jay Rayons 1063 The Udhna Citizen co.op. Bank 28.12.2000 to 25.06.2001 4,06,28,725 6,96,000 5 Surti Textiles 929 The Udhna Citizen co.op. Bank 05.09.2000 to 28.12.200....
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....ri Rajendra Goyal i.e. Goyal Ind. Ltd., Goyal Synthetics Pvt. Ltd. and Foremost Finvest Pvt. Ltd. through the concerns in the name of Shri Satyanarayan Dayma/Sharma i.e. Raju Fabrics,Gunjan Exports and Aditya Yarn Pvt. Ltd. 9. From the facts narrated above,it is clear that the group concerns of Shri Rajendra Goayl i.e. Goyal Industries Ltd., Goyal Synthetics Pvt. Ltd. and Foremost Finvest Pvt. Ltd. made fictitious sales to the concerns namely (i) Raju Fabrics (ii) Gunjan Exports,and (iii) Aditya Yarn Pvt. Ltd. were received from benami concerns of Goyal Industries Group, as pointed out in para-8 above. The source of credit either by cheque or cash in the benami accounts to the extent of Rs. 92,01,74,261/- remains unexplained. The accounts have been detected by virtue of inquiry in the cheques found from the locker of Shri Pursottam Mundra, employee of Shri Surajnath Sidh, who is involved in the business of cheques discounting. 10. In view of the above, I am satisfied that undisclosed income has been earned and belongs to the persons as below, which are other than persons covered u/s. 132 of the I.T. Act. Hence, the notice u/s. 158BD of the I.T. Act is required to be issued in....