TaxTMI 
TaxTMI 
2025 (1) TMI 1813
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.... dated 15.01.2021 passed by the Adjudicating Authority confirming the Provisional Attachment Order ("PAO") for attachment of movable and immovable properties. 2. The appeal was initially filed by the 13 appellants. As per the judgment of the Full Bench of this Tribunal and being first appeal, joint appeal was not maintainable and accordingly the appellant prayed and granted time to seek instruction for filing separate appeal for each appellant. In pursuance to the order dated 09.02.2023, the appellant made prayer on 19.07.2023 to allow three more weeks' time to file separate appeal for each appellant other than the appellant no. 1, namely, Shri Govind Agarwal and accordingly this appeal was to be maintained only for him. An order to this....
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....An FIR bearing no. 190 dated 05.05.2017 was lodged by Hare Street, Police Station, Kolkata for the offences under Section 420 & 120(B) of IPC and Section 13(2) and 13(1)(d) of the Prevention of Corruption Act,1988 against Shri Neeraj Singh, the then Additional Director of Income-tax (Investigation), Unit 1 of Income Tax Department, Kolkata. The allegation in the FIR was that Shri Neeraj Singh has given unfair favours to income-tax offenders and defaulters by wrongfully using his power as public servant. In return of the favours, he obtained huge amount through illegal gratification. The appellant, Shri Govind Agarwal was front man for him and was involved in commission of crime out of the criminal conspiracy under which they circulated huge....
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....crime" becomes illegal. It is more so when the appellant had disclosed the source to acquire the amount lying in the bank accounts. The prayer was accordingly made to cause interference in the impugned order. 7. Elaborating the fact, the Counsel for the appellant submitted that the amount of Rs. 22,10,569/- was residual fund left after the transaction and refund of the loan by family friends. The loan was provided by Shri Govind Agrawal from the Savings Bank account maintained with Kotak Mahindra Bank which was opened in the year 2000. It was then ING Vysya Bank. The amount was out of the savings of several years and redemption of L&T mutual funds on 24.05.2018 amounting to Rs. 27,32,183.90. It was transferred to a family friend as a sho....
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....e present appeal remains only for two bank accounts, one in Dena Bank and other in ICICI Bank. The appellant has failed to disclose the source of the amount lying in the bank accounts attached by the respondent. It is more so when the allegation was levied against the appellant for arranging and siphoning off the funds of Shri Neeraj Singh rather the appellant is said to be managing the affairs of Shri Neeraj Singh, an Officer of the Income-tax Department. The specific allegation against the appellant was for management of affairs and funds of Shri Neeraj Singh which were obtained by him out of criminal activities. Findings of the Tribunal: 10. We have considered the rival arguments of the Counsel for the parties and perused the recor....
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....e name of the company whose shares were held by him to justify the receipt of the dividends. In view of the facts given above, the appellant has failed to disclose the source to acquire the amount lying in his bank accounts. 14. Apart from the facts given above, the appellant in his statement under Section 50 of the Act of 2002 virtually admitted all the allegations. It was admitted by Shri Govind Agarwal in his statement recorded under Section 50 of the Act of 2002 dated 09.12.2019 and 30.06.2020 that the companies whose bank accounts have been attached were under his control and managed by him and further that the directors of those companies are on papers only. In the statement dated 30.06.2020, Shri Govind Agarwal was shown several d....