AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 1445
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....y the Adjudicating Authority allowing retention of the seized Indian currency of Rs. 45 lakhs apart of retention of the documents/ digital device. Brief facts of the case: 2. It is a case where an FIR was registered on 16.07.2020 against Shri Maganbhai Nagji Ramani and others for the offence under Section 406, 409, 420, 467, 468, 477A and 120-IB of the Indian Penal Code, 1860 (IPC). The Gujarat Police filed the charge-sheet on 27.09.2022 against Shri Harishbhai Nagjibhai Ramani. He was found involved with Shri Dharmeshbhai Maganjibhai Ramani in the criminal conspiracy. During the investigation, Shri Dharmesbhai Maganjibhai Ramani was found absconding. The complaint was in reference to partnership firm, M/s Uday Developers alleging che....
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.... appellants failed to disclose the source for possession of the amount. After seizure of the documents and the amount, the matter was sent to the Adjudicating Authority, who allowed retention of the documents and the cash. Aggrieved by the order, the appellants have preferred these appeals. Arguments of the Ld. Counsel for the appellants: 6. Ld. Counsel for the appellants submitted that despite disclosure of the source to possess Rs. 45,00,000/- seized from the appellants, the Adjudicating Authority ignored the aforesaid and allowed retention of the amount till conclusion of the Trial. The amount of Rs. 45,00,000/- found with the appellants was from different sources of family members and even the firm. The detailed statement given in....
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....e disclosed and accounted the part of Rs. 45,00,000/-, the Adjudicating Authority passed the order to allow retention of the cash and documents. 8. Referring the source of Ms. Jahanvi Akash Ramani, it was submitted that she was having balance of Rs. 2,02,485/- on 01.04.2022 reflected in the cash-book and Income Tax return thereby she made the same argument as was given by Shri Akash Hareshbhai Ramani. 9. The cash of Rs. 6,59,702/- was accounted towards M/s Ramani Builder. It is showing cash in hand as on 01.04.2022 reflected in the cash-book and even balance-sheet of the firm. The amount referred aforesaid could not have been retained. 10. A reference of the amount of Rs. 2,50,000/- in the hands of Ramani Infra has also been given.....
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....d his arguments to what has been recorded above and accordingly Ld. Counsel for respondent argued the appeals to contest all the issues raised by the appellants. Arguments of the Ld. Counsel for the respondent: 13. Elaborate arguments were made to contest the grounds raised by the appellants for challenge the impugned order. Reference of those arguments would be made while dealing with the arguments of the Ld. Counsel for the appellants and recording finding to avoid repetition of one and same facts to unnecessarily make this order bulky. It is, otherwise, for the sake of brevity. Findings of the Tribunal: 14. In the opening paras, we have made reference of the FIR registered with Gujarat Police, Nikol Police Station, Ahmedabad ....
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....t has been enclosed along with the appeal. It is even the ledger account. However, it is without disclosure of the cash along with its source in the hands of the individual and the firm. The cash-book can be created any time and was not otherwise produced at the time of search and therefore it was not even subjected to seizure while the relevant documents and the loose sheets were searched and seized by the respondent. The appellant has not produced the bank statement of the individual or the firm to show withdrawal of the cash. The transactions in the firm are not said to be made in cash. The amount alleged to have been misappropriated by the accused is of Rs. 48,67,27,336/-. The bank statement is an independent document but has not been p....
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....spondent even seized documents from the other premises of Shri Haresh Nagjibhai Ramani where the appellant did not produce cash-book or balance-sheet to disclose the source of the cash and it is only later on that the documents were produced but cash-book cannot be accepted without corroborative evidence in the shape of bank statement or the disclosure of the source for possession of cash by the individual or the firm. In the same manner, balance-sheet cannot be said to be a document to justify possession of the cash. It can be created because it remains in the hands of the appellant. 18. The retention of the cash and the documents otherwise remains subject to outcome of the Trial which is still pending before the Special Court. 19. W....