TaxTMI 
TaxTMI 
TaxTMI 
2022 (3) TMI 479
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....ax (Appeals) failed to appreciate that the Learned Assessing officer had relied on incomplete investigation and had also failed to bring all evidences and findings of investigation on record and erred in not directing the Learned Assessing officer to obtain findings of investigations made by enforcement directorate having relied on the information provided by said department. 3. The appellant prays that:- i) The department may be directed to produce and bring on record all the findings of investigation made by Income tax department and enforcement directorate. ii) Addition of Rs. 32,60,60,000/on the ground of alleged credit in bank account may be deleted. iii) Any other relief your honours may deem fit. 4. The Appellant Craves leave to add, alter, amend or delete any of the above grounds of appeal." 4. We observed from the record that the hearing was posted since 27.10.2020, none appeared on behalf of the assessee until today except on 28.07.2021 a letter was filed for adjournment. The hearing was posted 13 times and none appeared. We deem it fit and proper to proceed to dispose off these appeal as it is pending from 2019. The notice sent to the assessee has been duly s....
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....d in the present case all the four are easily discernible from the seized document. 10.5 Thus, for affixing the tax liability on the basis of seized documents, the following four ingredients are required to be established on a reasonable basis:- (i) Name of the assessee, (ii) Nature of transaction, (iii) Quantum involved (iv) Period of transaction. ..... 10.9 I have noted that in the original assessment proceedings conducted by the Assessing Officer, the appellant had denied the above mentioned transaction and had stated that she is not aware about this transaction. Further, the appellant had contended that she does not have any such account in her name. In view of the fact that the denials of the Appellant were unsubstantiated, the Assessing Officer held that the Appellant had not explained the entry of USD 7 Million. Accordingly, the AO had made an addition of Rs. 32,60,60,000/- (USD 7,000,000" Rs. 46.58 per USD). ..... 10.11 I am constrained to note that before the passing of the original assessment order on 31st December, 2008, the then Assessing Officer has, vide letter dated 19th December, 2008 given to the appellant the copies of the incriminating documents....
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....nnaise Bahanh of Strasse 3, Zurich 08-06702.7 Accepted Kashinath Tapuriah No transaction in F.Y. 2003-04 No transaction in the account in any year. The account was closed in 2005. 7. Union Bancaire Privee, Zurich 713.169 Accepted Kashinath Tapuriah No transaction in F.Y. 2003-04 No transaction in the account in any year. 8. Bank Jullius Baer AG, Zurich A/c. No. not available I am not recalling having such account ...... 10.16 I am constrained to note that the appellant had even after admitting the impugned bank account failed to produce the copies of the same for verification. There is a hollow claim of the appellant that the said bank account was not operative at all, as no documentary evidence in support of the said claim had been placed on record. Thus, the Appellant had been playing hide and seek with the Department and had miserably failed to adduce any evidence to rebut the transactions reflected in the "Transfer Instruction" provided by the Enforcement Directorate. 10.17 I have taken note of the fact that when the matter went to the Hon'ble ITAT in the original assessment proceedings, the Appellant had contended tha....
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....he assessee an opportunity to explain the transactions, establishing facts. Reference in this regard is also made to paras 9-12 and 6-7 in the case of HAK (supra) and KT (in ITA Nos.3815-3821/Mum/2010) respectively (annexed as Annexure A to this order). We may though clarify that where the amount is not received (or to the extent it is not), the TI itself cannot be the sole basis of the addition, i.e., unless the Revenue has material to exhibit the assessee's right to the amount/s stated therein. Reference is also drawn to paras 15, 25, 30, 49, 65A and 106 or the order in the case of HAK (supra) -in public domain. The matter, as in the case of other assessees, is accordingly set aside to the file of the AO for fresh determination. All the facets of the issue, including the explanation of the transactions by the assessee, are kept open. This decides all TT- based additions in these appeals, viz. Gd. 5 for AYs 2002-03 and 2006- 07. We may, however, before concluding this aspect, add that qua some accounts, the assessee has stated that the bank account/s under reference does not belong to her but to her husband, KT and, therefore, no addition could be made in its respect in her ha....
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....ssan Ali Khan to deal with the property at 10-A, Prithviraj Road, New Delhi. IV. Seized Pages No. 68 to 70 of Annexure A-1 found from the possession of Late Shri. Kashinath Tapuriah at his residence are basically blank papers signed by Shri. Hassan All Khan. The signed blank papers of Shri Hassan Ali khan found from the residence of Late Shri. KashinathTapuriah clearly reveals that Shri Hassan Ali Khan had reposed full faith and confidence in Late Shri. KashinathTapuriah. V. A Loan agreement of Rs. 5 crores between Shri. Hassan All Khan, the lender and M/s. R.M. Consulting, a company of Shri. Kashinath Tapurlah, the borrower is evident from Page No. 71 to 94 of Annexure A-1, seized from the residence of Late Shri. Kashinath Tapuriah. ...... 10.37 At this juncture, it is also brought on record that the AO had taxed the right person i.e. the Appellant on the basis of the "Transfer Instruction" provided by the Enforcement Directorate. In the case of ITO Vs. Atchaiah, (1996) 1 SCC417, the Hon'ble Supreme Court has held that the right person and the right person alone has to be taxed by the LT. Authorities. The relevant observations in this regard are reproduced below:- "7....