TaxTMI 
TaxTMI 
2019 (3) TMI 1550
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....h were already there and considered by this Tribunal in the earlier round of appeal. These were considered by the Tribunal as not sufficient for making any addition under the Income Tax Act. Respectfully following the precedent as emanating from the Hon'ble jurisdictional High Court judgment cited supra, we cannot take any view which is divergent to the view earlier taken by the Tribunal. 28. As regards the plea of the learned Departmental Representative that the matter may again be remanded to the files of the Assessing Officer, we do not find any merit in it. The matter has already once been remanded by the Tribunal. Six years have elapsed in between, the remission has filed to serve the purpose. In this regard, we draw support from third member decision in the case of Assistant Commissioner of Income Tax Vs.Anima Investment Ltd. (2000) 73 ITD 125 for the proposition that, "The powers of the Tribunal in the matter of setting aside an assessment are large and wide, but these cannot be exercised to allow the Assessing Officer an opportunity to patch up the weak part of his case and to fill up the omission. A party guilty of remissness and gross negligence is n....
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....oncerns, after allowing a fair and reasonable deduction for expenses would be Rs. 2.00 crores. The assessee's 50% share would therefore work out to Rs. 1.00 crore. 14. For the above reasons, I held that the assessee's arguments relating to his taxability of the income from the 14 concerns and the proportionate share of profits to be assessed in his hand as an alternate argument are not acceptable and they are accordingly rejected. As discussed above, it is held that the profits arising out of the business transactions of the 14 concerns are rightly assessable in the hands of the assessee and Shri.T.Devanathan jointly and that assessee's share of profit therefrom is estimated at 50%. The assessee's 50% share of quantum of net income after allowing deductions for all expenses is quantified at Rs. 1.00 crore as discussed above. 15.1. In the proposal letter issued to the assessee, the assessee's objections, it any, were called for to repeat the following additionals made in the block assessment completed earlier relating to the asst.years 1990-91, 1994-95 and 1995-96 falling within the block period. Asst. year 1990-91 Rs. 2,16,274....
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....ated as to where the demand drafts and cheques sent by TNTC had been encashed and could have very well established the identity of the persons concerned in 14 firms. In the above stated circumstances, it is pointed out that the prosecution has miserably failed to substantiate the charge of the firms being fictitious and that A2 and A3 had committed the offence of forgery by introducing these persons to the bank. Prosecution has not come forward to prove the fact by way of adducing expert opinion as to who had signed on behalf of the 14 firms for its account opening forms. 33.In the absence of any conclusive evidence that 96, Luz Church Road, Mylapore was the address of 14 firms, the charge of forgery as against A2 and A3 has necessarily been failed. One another reason for coming to this conclusion is that in the agreement the address given by the firms are different than 96, Luz Church Road, Mylapore. There has been no investigation to this effect either from the neighbour or from any of the departments that 96 Luz Church Road, Mylapore was in exclusive possession of A2 and therefore, charge against him must necessarily fail. 34.In order to establish loss to the G....
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....lied on Mos. 1 and 2 which were said to have been recovered during the year 1996. Whereas, the supply of free dhoties and sarees are concerned during 1993. Moreover, the prosecution has not come forward to examine one Balachandran from whom Mos. 1 and 2 said to have been seized. Further, no evidence has been let in by the prosecution either in the status of VAO, Tahsildar or beneficiaries that were supplied with inferior quality of sarees and dhotis and therefore, the charge of loss to the Government is only hypothetical in nature and there is not even an iota of evidence with regard to the loss suffered due to the supply of substandard material. 40.On a careful consideration of reasons stated above and also considering the infirmities found in the prosecution case, this Court is of the view that the conviction and sentence passed by the learned XIII Additional/Special Judge in Spl.C.C.6 of 1997, dated 15.03.2001 against the appellants is not sustainable in law and hence the same is liable to be set aside. The bail bonds if any shall stand cancelled. 41.Accordingly, all these appeals are allowed." 5. The present Income Tax Appeal by Revenue was admitte....
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....ing heard the submissions of the learned counsel for the parties, we are of the opinion that the learned Tribunal being a fact finding body has erred in dismissing the appeal without appreciating the facts in detail on its own and in rejecting the materials before it. The Tribunal also erred in only relying upon the earlier order passed by the Income Tax Appellate Tribunal by which the matter was remanded vide order 02.03.2000 and the learned Tribunal while passing the subsequent order impugned before us on 30.06.2006 has taken note of the earlier remand order but still not accepting the request of the Revenue to remand the present case also back to the Assessing Authority, in case the Tribunal felt that the findings by the Assessing Authority were not sufficient. 10. As far as acquittal of the accused persons in the Criminal Proceeding is concerned, it cannot be said to be amounting to automatic deletion of income, added in the hands of the Assessee in the present case under the Income Tax Act. Two proceedings, one under the Income Tax and another in Criminal prosecution operate in different fields and there is no doubt that the material collected during the course of criminal ....