TaxTMI 
TaxTMI 
2009 (8) TMI 1275
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.... action was carried out on 16-10-1997 in the case of Shri Hiten N Shah at his residence at 11, Chinmay Apartment, Vastrapur, Ahmedabad, during the course of which a copy of bank statement in the name of M/s Shah Enterprise for Account No.4195 with the Sarangpur Co-op. Bank Ltd. was seized and marked as Page No.108 of Annexure-A-8. When Shri Hiten Shah was asked about the bank statement he stated that the said account was pertaining to Shri Kaushik K Soni (the assessee) a sales-tax practitioner. The total credits in the said bank account were Rs.13,71,931/- and the account was operated by Shri Kaushik K Soni (the assessee) and therefore notice u/s 158BC read with section 158BD was issued on 29-11-1999 for the block period from 01-04-1987 to ....
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....heques received from Hiten Shah and immediately after the deposit of the cheques, he has withdrawn the money by self cheques and has given cash to Hiten Shah, he has not been able to prove the said contention. He has not proved that the deposits in the account No.4195 are not related to him and are re1ated to somebody else or Hien Shah. Hence, the deposits in the said bank account have been rightly held as belonging to the appellant. However, as the deposit in the bank appear to be sale proceeds of chemicals or coal, the entire deposits cannot be considered as income in the hands of the appellant. In view of the decision of Hon'ble Gujarat High Court in the case of CIT Vs. President Industries reported in 258 ITR 654 (Guj) wherein it has be....