TaxTMI 
TaxTMI 
2016 (5) TMI 1133
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....of the case and in law the Ld. CIT(A) Nashik erred in not considering the validity of notice under S. 148 of the Act resulting into re-assessment u/s 147 of the Act. The notice issued and served u/s 148 is bad in law and without jurisdiction. The assessment be quashed. 2) On the facts and circumstances of the case and in law the facts of the case show that the cash of Rs. 9,20,000/- was seized by the police department from appellant's House. Subsequently the DIT issued warrant of authorization however the police Deptt. did not handed over the seized cash to the I.T. Department but in view of JMFC direction the same was deposited in Nationalized Bank A/e. In any case the Third Party police deptt. has seized the cash and therefor....
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....he also appeared before us in other appeals and sought adjournment on 04.05.2016. However, with regard to present appeal, no mention was made by the learned Authorized Representative for the assessee and even on second call, none appeared on behalf of assessee before the Tribunal, hence, we proceed to decide the present appeal after hearing the learned Departmental Representative for the Revenue and after perusing the records. 4. The issue arising in the present appeal filed by the assessee vide ground of appeal No.1 is against the validity of notice issued under section 148 of the Act and the issue on merits is against the addition made on account of cash seized by the Police Department from assessee's house totaling Rs. 9,20,000/- and ....
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....ction 132A of the Act co uld not be executed as the cash seized by Police Department was not handed over to the Income Tax Department, therefore, the said case was not covered by section 153A of the Act and action had to be taken under section 147 of the Act. In reply, the Assessing Officer received a letter from Joint Director of Income Tax (Inv), Nashik, who pointed out that the provisions of section 153A of the Act were not attracted in the case and the Assessing Officer concerned could take appropriate action. Subsequent thereto, the Assessing Officer recorded reasons for reopening the assessment and issued notice under section 148 of the Act to the assessee and his wife Smt. Pramilabai Bhaidas Kapure to verify the source of cash seized....
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....tted that there was no lease agreement made between him and the assessee and hence, the claim of assessee vis-à-vis cultivation of agricultural land was also not accepted. Further, he claimed to have cultivated the agricultural land of Shri Santosh T. Ahire and on verification of document i.e. agreement between the two, the Assessing Officer noted that the agreement was made simply on paper taking the signatures of two punchas. The assessee in turn, agreed that the agreement was not on stamp paper and not authentic. The said person Shri Ahire was also summoned for recording of statement and the assessee submitted that because of dispute between the two, he could not be produced. The plea thus, of the assessee of having earned agricul....
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....ce produced by the assessee of the source out of agricultural income and the loans / advances. 7. The assessee is in appeal against the order of CIT(A). 8. The issue in ground of appeal No.1 raised by the assessee is against validity of re-assessment proceedings under section 147 / 148 of the Act. The assessee for the year under consideration had not furnished any return of income and after the police raid on the premises of assessee, cash of Rs. 9,20,080/- and stock of wine of Rs. 12,220/- was found. Where the assessee had not furnished the return of income and where on the basis of information received by the Assessing Officer in respect of seizure of cash and stock of wine in the hands of assessee, reasons were recorded by the Asse....
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....he land of two different persons and receiving agricultural income. However, the assessee failed to establish its claim with any evidence. The statements of persons were recorded, which were at variance with the claim of assessee. Further, the assessee could not produce any proper evidence of leasing out of the agricultural land by the owners of land and in the absence of same, the claim of assessee was not accepted by the Assessing Officer. Similarly, with regard to sale of equipment, the assessee failed to furnish complete evidence and the said claim was also not accepted. Before the CIT(A), the assessee further pointed out that loan of Rs. 4,43,000/- was obtained from Shri Rajput for purchasing the mini bus and in respect of agricultural....