2018 (2) TMI 104

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....Tax Act, 1961 (hereinafter referred to as "the Act"). 2. The facts germane to the present appeals are : A search and seizure action u/s. 132 of the Act was carried out at the business and residential premises of assessee on 29-03-2003. During course of search Rs. 40,00,000/- cash was seized from residence of assessee. A simultaneous search was also carried out in the case of Soni group comprising of Shriram Hiralal Soni and Jugalkishor H. Soni who are engaged in the business of finance, broking and money lending. On the basis of documents found and seized from the premises of Shriram H. Soni, the Department came to the conclusion that the assessee is engaged in lending of unaccounted cash to Soni Group. The Assessing Officer for the asse....

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....36,865/- 2004-05 Rs.5,62,430/- 2.2 Aggrieved by the order levying penalty, the assessee filed appeals before the Commissioner of Income Tax (Appeals) for respective assessment years. The Commissioner of Income Tax (Appeals) vide impugned order common for all the six assessment years under appeal confirmed levy of penalty and dismissed the appeals of assessee. Now, the assessee is in second appeal before the Tribunal against confirming of penalty levied u/s. 271(1)(c) of the Act. 3. Shri Rajiv Thakkar appearing on behalf of the assessee submitted that the Tribunal in quantum appeals filed by the assessee for assessment years 1998-99 to 2004-05 in ITA Nos. 1008 to 1012, 1334 & 1335/PUN/2011 vide order dated 08-12-2017 has deleted ....

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....orative evidence to link some suspicious entries found in the books of third party. As has been pointed earlier that mere recording of names closely resembling to the name of assessee in the books of Soni group does not give rise to presumption that the said names are pseudonym/coded names of assessee unless live connection is drawn by way of supporting evidence. Here, we would like to mention that before absolving the assessee completely from the additions made on basis of alleged cash transactions, we direct the Assessing Officer to re-examine the seized material. If the Assessing Officer finds that any transaction in cash is recorded in the name of assessee i.e. Nanchand B Shah or Nanchand Bhogilal Shah, the Assessing Officer may make ad....