TaxTMI 
TaxTMI 
2018 (1) TMI 599
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....ch u/s 132 was carried out in the group cases of the assessee on 3.2.2009. During the course of search, certain incriminating material was found relating to the assessee evidencing the advances given by the assessee for the assessment year 2005-06, 2006- 07, 2007-08 & 2009-10. During the course of search in the residential premises of Mr. G.V.V.S.L.N. Subba Rao, the assessee's son, loose sheets containing the promissory notes related to the money lending business were stated to be found and seized as Annexure GVS/1, GVS/3 & GVS/4. Shri Subba Rao, the son of the assessee was questioned regarding the contents of the loose sheets and he has explained that the loose sheets are related to his father and his relatives money lending transactions. ....
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.... 2009-10 Principal - 50000 Interest - 50000 3. The A.O. called for the explanation of the assessee as to why the above sum should not be assessed as undisclosed income of the assessee. The assessee explained during the assessment proceedings that the loose papers reflect the loans received by him from Smt. S. Venkata Ratnam and the details of disbursement of principal amount and interest are noted therein. The assessee further emphasized that the monetary transactions reflected in the loose sheets belonged to Smt. S.V. Ratnam but not belonged to him and he has maintained the affairs on behalf of her to support his old aged aunt and submitted that none of the transactions recorded in the loose sheets does belong to him, hence req....
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....eferring to page No.15 of paper book submitted that the assessee had explained the transactions of the seized material before the A.O. vide Page No.15 and 16 of the paper book wherein he had denied all the transactions and explained the AO that entire transactions were related to Smt. S.V. Ratnam. In fact the assessee has furnished the page wise description of the transactions and the A.O. did not bring any evidence to controvert the same. Referring to page No.17 to 18, the Ld. A.R. submitted that Smt. S.V. Ratnam also submitted a letter to the Dy. Director of Investigation (Income Tax) stating that the loose sheets marked as Annexure GVS/4 from page 1 to 57 and GVS/3 from page Nos.1 to 28 belongs to her but not belonged to the assessee. Sh....
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....s with regard to the GVS/3 & GVS/4 from Smt. S.V. Ratnam stating that the transactions recorded in the Annexure GVS/3 from page Nos.1 to 28 and GVS/4 from page Nos.1 to 57 belonged to her. She owned the entire transactions recorded in Annexure GVS/3 & GVS/4 and the assessee has denied same before the A.O. as well as the DDIT. The assessee has discharged his burden with regard to the ownership of the documents mentioned in Annexure GVS/3 & GVS/4 and it is incumbent up on the A.O. to make further verifications of the ownership and the contents of the Annexure GVS/3 & GVS/4 and required to be assessed in the hands of the correct person by taking appropriate action as available in law. Though assessee has discharged his burden the A.O.'s has no....