TaxTMI 
TaxTMI 
2014 (12) TMI 724
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....me Tax Act, 1961 (Act, for short) were conducted in the case of Brij Mohan Gupta, Gali Hinga Beg, Tilak Bazar, Delhi. Incriminating documents, diaries and loose papers were found and seized. Brij Mohan Gupta was apparently involved in clandestine money lending business of undeclared or black money and was acting as a broker or middleman in cash loan transactions. 3. Brij Mohan Gupta, revenue claims, for record had maintained coded entries. These diaries/papers were seized and investigation revealed that they were written by Ram Avtar Singhal, accountant of Brij Mohan Gupta in the cryptic or coded form. It is stated that Amar Avtar Singhal had decoded the entries and had implicated the respondent assessee. 4. A list of individual firms, HU....
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....ng information from the Deputy Commissioner of Income Tax, Central Circle-19, but had failed to proceed and collect relevant evidence or material to implicate the respondent-assessee. 6. Revenue preferred an appeal before the Tribunal. By order dated 29th October, 2010, an order of remand was passed setting out that the Assessing Officer had failed to provide adequate and fair opportunity to the assessee but directed that copy of the statements should be provided and the assessee should be granted opportunity to cross-examine. It was open to the Assessing Officer to carry out further enquiry and investigation. The said order of the Tribunal has attained finality and was not challenged by the revenue or the assessee. 7. In the remand proce....
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....usiness or had engaged services of Brij Mohan Gupta as a broker. In absence of any cogent and reliable material, the additions were deleted. 9. The said view has been affirmed by the Tribunal in the impugned order dated 19th July, 2013. 10. In order to ascertain and verify whether the respondent-assessee had been named in any of the statements which were recorded during the course of search or thereafter, we had adjourned the appeals. 11. In our order dated 12th September, 2014, we had recorded that the issue raised was factual as the findings recorded by the Tribunal were under challenge on the ground of perversity. The Revenue, it is apparent had relied on the statements made by late Brij Mohan Gupta and Ram Avtar Singhal, his accounta....
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....t is difficult to hold or draw the assumption or presumption, which the revenue wants us to accept. 14. Learned counsel for the Revenue has drawn our attention to the list forwarded by the Deputy Commissioner of Income Tax, Central Circle 19 along with his satisfaction note dated 10th April, 2007. The said letter mentions that most of the parties involved were located at Khari Baoli, Tilak Bazar; Naya Bans; Lal Katra; Gadodia Market; Lahori Gate; Katra Ghee, Tilak Bazar; Ansari Road; Gali Hinga Beg, Chandni Chowk, etc. A close scrutiny of the aforesaid list would indicate that both coded and decoded names were mentioned. Three codes "AV", "AV-Amar" and "AV-RFM" were decoded by the Investigation Wing as "M/s Amar Nath Virender Kumar, Khari ....