2023 (1) TMI 410

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....ds undisclosed investment. 2. The facts relating to the case are stated in brief. This is a second round of proceedings. The Revenue carried out search and seizure operation in the hands of Ajani Group on 6.7.2004. One of the documents seized at the time of search is a handwritten note titled "regarding office at Byculla". The said note appears to have been written by Mr. Nuruddin B. Ajani. It is mentioned therein that he has taken Rs. 60 lakhs from the assessee herein against sale of his office premises to the assessee. It is stated that the office was sold for a sum of Rs. 56 lakhs and hence balance of Rs. 4 lakhs was promised to be paid by 31st April and the possession will be given on 21st March. Based on this note, the assessment of....

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.... assessee submitted as under before the assessing officer:- "In response to this, AR of the assessee vide letter dated 12.3.2014 submitted the relevant portion is reproduced as under : "The addition is made based on a note dated 04/04/2004 written in the hands of Shri Nuruddin B. Ajani found at the time of search operation carried out u/s 132 on 06/07/2004 at the premises of the Ajani Group. The opportunity of cross examine Nuruddin B Ajani was not given to understand the content of note vis-a-vis alleged payment made by Nazmin Jamal for the tenancy right for the office at Byculla to Nuruddin B. Ajani. Byculla office was located at 4th floor, Warden Building 340, Byculla. The office is owned by Sir Jacob Sassoon H....

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....ed on 18/09/2003 by Ajanis to son and wife of Nazmin Jamal. As stated earlier, the tenancy right in the office located at 4 floor Warden Building 340 Byculla were in the name of Empire Continental Exports Private Limited and by virtue of transferring all the shares of Empire Continental Exports Private Limited by Ajanis to family members of Nazmin Jamal the said tenancy right indirectly transferred to family members of Nazmin Jamal. Assuming without admitting, if at all it is said that the amount is paid for transfer of tenancy right in the office, it would have been paid on or before 18/09/2003. This also can be substantiated by the note dated 04/04/2004 wherein it is stated by Naruddin Ajanis "I have taken 60,00,000 agai....

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....members of Nazmin Jamal after the shares were transferred and tenancy right is indirectly transferred to Jamals. We have already stated in the submission made to Commissioners of Income tax Appeals that the assessee has not paid any money because he was bedridden and not having any source of income and there are no direct evidences found to show that amount is paid by the assessee. However, we assuming without admitting here by state that the amount if any alleged to be paid for transferred of tenancy rights in the said office, it is paid in FY.2003-2004. We are enclosing herewith a copy of letter dated 21" July, 1998 given by Sir. Jacob Sasson High School certifying that Empire Continental Exports Private Limited is respe....