2019 (11) TMI 457

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.... search and seizure action U/s 132 of the Act on 26/09/2012 at the residential premises of the assessee and survey U/s 133A of the Act at the business premises of the assessee. During the course of search and seizure action, cash of Rs. 6.00 lacs as well as other incriminating material were found. Incriminating material found during the search was marked as Annexure-A (Exihibit-1 to 8). In the statement recorded during the post search investigation on 17/10/2012, the assessee surrendered income of Rs. 30.00 lacs for six years from the A.Y. 2007-08 to 2013-14 as under: A.Y. Undisclosed Income A.Y. 2007-08 Rs. 5,00,000/- A.Y. 2009-10 Rs. 3,50,000/- A.Y. 2010-11 Rs. 3,00,000/- A.Y. 2011-12 Rs. 4,00,000/- A.Y. 2012-13 Rs. 6,00,000/- A.Y. 2013-14 Rs. 8,50,000/- The assessee filed his return of income on 15/5/2013 declaring total income of Rs. 9,67,236/- including surrendered income of Rs. 8,50,000/- for the year under consideration. During the assessment proceedings, the A.O. asked the assessee to explain the seized document Exihibit-5, page 13 to 14 of Annexure-A. The assessee replied that these are photo copies left by some clients for refi....

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.... has misstated the facts while making the addition but accepted that the said letter was on the letter head of Bheru Lal Roshan Lal Sancheti on which complete address and contact details etc. of the person are duly printed and therefore the presumption U/s 292C of the Act is not applicable. The ld counsel has thus contended that when the document is clearly identifiable and there is no ambiguity about the transaction between the parties then the provisions of Section 292C of the Act cannot be invoked. The A.O. has, on one hand, accepted that the document is written on 29/6/2012 by Shri Roshan Lal Sancheti to Shri Naresh Kumar Maheshwari and gives the details of both the parties. On the other hand, the A.O. has invoked the provisions of Section 292C of the Act and presumed the document of the assessee. Thus, the ld counsel has submitted that once the parties to the transactions are not in dispute then the income, if any, on account of the said transaction cannot be assessed in the hands of the assessee except the commission/brokerage income. The assessee is neither lender nor the borrower and engaged in the capacity of finance broker on commission basis, therefore, the addition made....

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....ing broker cannot be thrust upon the assessee for want of taxing the same in the hands of the actual parties to the transaction. The reasoning of the A.O. and the ld. CIT(A) for making the addition is that if it is not assessed in the hands of the assessee then it would be a revenue loss as the complete particulars of Shri Naresh Kumar Maheshwari were not furnished by the assessee and therefore, the assessee is responsible for the loss of the revenue and liable to pay tax. There is no provision in the Act to deem such income which is otherwise not an income of the assessee. The documents in question clearly manifest the nature of the transaction and the parties to the transaction. Particulars of one of the parties were already available on the seized material and the revenue has already attempted to tax the said income in the hands of Shri Roshal Lal Sancheti but the ld. CIT(A) has deleted the said addition on the ground that a loan cannot be assessed to tax except it is unexplained credit U/s 68 of the Act. Therefore, the assessee being a broker cannot be held liable to pay tax on an income which does not arise or belong to the assessee. At the most, the income for providing th....

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....‹à¤¶à¤¨à¤²à¤¾à¤² संचेती श्रीमान नरेश कुमार जी माहेश्वरी भीलवाड़ा 1-50 निवास 2 एफ-11 आर. सी. व्यास कॉलोनी भीलवाड़ा -311 001 फोन : 01482-238386 मोबाईल 94141-15986 दिनांक 29/6/2012 रोशन लाल भैरू लाल संचेती का जय जिनेन्द्र बीस अपरंच आपका रूपया 20,00000/- अक्षरे लाख रूपये रोकड़ी लिये है। यà¤....

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....¤‚ दर्ज विवरण निम्न प्रकार से है:- पृष्ठ संख्या 1 एवं 4 :- इन पृष्ठों पर मेरे द्वारा ही लिखा गया विवरण है। यह विवरण मेरे ब्रोकरेज एवं दलाली के व्यवसाय से सम्बन्धित रफ नोटिंग है। पृष्ठ संख्या 5 एवं 6 :- ये पृष्ठ मेरे द्वारा नहीं लिखे गये। अतः à¤....