1984 (2) TMI 32

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....RA NATH MITTAL J.-This judgment will dispose of Income-tax Case No. 106 of 1976, Nos. 5 and 6 of 1978 and No. 86 of 1982. The facts in the judgment are being given from I.T. Case No. 106 of 1976. The case of the assessee relates to the assessment year 1970-71. He was carrying on business in woollen shawls. During the course of the assessment proceedings, it came to the notice of the Income-tax ....

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....nic other advances were also collaterally secured against the guarantor's deposits. The documents were duly executed as per rules but the same were not preserved by the bank after the adjustment of accounts. The ITO made further inquiries from the bank and came to know that there were seven fixed deposit receipts of the value of Rs. 84,500 purchased from March 19, 1969, to April 6, 1970, for the p....

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.... names the FDRs stood were benami parties and in fact the money belonged to the assessee. In the result, he added an amount of Rs. 84,500 to the assessee's income. The assessee went up in appeal before the A AC who upheld the order of the ITO. The assessee went up in further appeal to the Tribunal. It held that the ITO had not brought on record any evidence to show that the fixed deposit receip....

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....hat there was no evidence at all to establish that the assessee was the real owner of the fixed deposits amounting to Rs. 84,500 and not the various persons in whose names the receipts were prepared by the bank, While coming to that conclusion, it took into consideration all the relevant evidence on the record. The question whether a transaction is a benami or not is a question of fact and the fin....