2026 (2) TMI 800

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....after referred to as "the Act") respectively. Since, the issues involved in all the appeals are common and relate to the same assessee, therefore, these appeals have been heard together and are being disposed of by this consolidated order. ITA No.2563/Kol/2025 is taken as lead case for narration of facts. 2. ITA No.2563/Kol/2025 - Brief facts of the case are that the assessee for the year under consideration filed his return of Income declaring total income of Rs. 67,12,640/-. A Search & Seizure operation u/s 132 of the Act was conducted on 18.08.2022 at the residential as well as office premises of the assessee. During the course of Search operation, cash amounting to Rs. 83,26,000/- was found out of which cash of Rs. 75,00,000/-was sei....

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....under sub-section (b) will come wherein the rate of 60% was come in force. The ld. AR also submits that the statement u/s 132(4) of the Act was recorded by the search party only of Shri Umesh Kyal and Shri Rahul Kyal respectively and none of the other persons whose name appears in the Panchnama have been required to make a Statement u/s 132(4) of the Act. His submission is that from the Statement so recorded u/s 132(4) of the Act, it is clear that the authorized officers have not enquired from the persons whose premises have been searched or examined on oath who were in possession of control of any Books of accounts, documents, money, bullion or other valuable article but nowhere the authorized officer has enquired into or examined the sour....

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....mention here that the amount has clearly been disclosed in the commission and have been duly recorded in the Books of accounts and offered for tax. We have gone through the statement recorded by the authority during the search and find that no specific question pertaining to cash found asked while recorded statement u/s 132(4) of the Act. It is pertinent to mention that statement was recorded u/s 132(4) of the of Shri Umesh Kyal and Shri Rahul Kyal and none of the other persons whose name appeared in the Panchnama had been required to make a statement u/s 132(4) of the Act. We find that from the statement so recorded u/s 132(4) of the Act, it is clear that the authorized officers have not enquired from the persons whose premises have been s....

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....eon provides the rate in sub-section (a) at the rate of 30% and in cases not covered in subsection (a) then under sub-section (b) will come wherein the rate of 60% was come in force and the assessee's case does not come within the purview of sub-section (a). As we have already discussed that nowhere the authorized officer has enquired into and examined the source of the cash found as well as the jewelleries and ornaments which ought to have been done and in fact, the authorized officer on both the occasions have explained the persons whose Statements were recorded about the provisions of section 181, 177, 277A, 278 etc. but had not drawn their attention to the searched parties to the provision of section 132(4) r.w.s 271AAB of the Act in re....