TaxTMI 
TaxTMI 
2026 (8) TMI 346
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....s Act, 1988 (as amended till date) is filed by the appellant M/s Ambica Bullion against the order dated 02.09.2021 passed by the Adjudicating Authority, in Reference No.1756/2019, whereby the attachment of properties by the Initiating Officer (DCIT/ACIT), Benami Property Unit, Mumbai, vide Provisional Attachment Order dated 27.08.2019, were confirmed including a sum of Rs. 5,06,23,232/-, in two accounts of the appellant as under: Sr. No. Name of the entity holding bank account and PAN Bank Name and Account No. Amount (In Rs. ) 1. M/s Ambica Bullion AITPJI049F Axix Bank A/c No. 915020002063107 To the extent of Rs. 4,78,73,232/- 2. M/s Ambica Bullion AITPJI049F Union Bank of India A/c No.319801010039033 To ....
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.... Particulars Vch Type Vch No. Debit Credit 24.11.2016 From Axis Bank by way of RTGS. Receipt 94 30,00,000 From A/c of Altimax Ventures Pvt. Ltd. into the A/c Ambika Bullion In UBI 21.12.2016 By Union Bank of India Receipt 156 17,50,000 22.12.2016 By Union Bank of India Receipt 158 11,08,934 Total 28,58,934 Grand Total 58,58,934 From A/c of Homeground Marketing Pvt. Ltd. into the A/c of Ambika Bullion in Axis Bank 24.11.2016 From Axis Bank by way of RTGS. Receipt 93 30,00,000 29.11.2016 From Axis Bank by way of RTGS. Receipt 105 60,00,000 30.11.2016 From Axis Bank by way of RTGS. ....
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.... 10. 161/06.12.2016 99.5 2,455,010 72,30,806 Total 4,78,73,232 Grand Total 5,07,32,166 He further pointed out that during investigation by DCIT, it has clearly revealed that the said two companies were being run by the common Directors namely, Heman K. Parikh, Mr. Kundan Bhingarde, and other Directors Mr. Ashish Chaudhary, Mr. Vijay Tiwari, Mr. Anmol Chadha, Shailesh K. Surve, Mr. Sanjeev Chadda & Mr. Kamal Singh at the instructions of Mr. Satish Pujari. In support of his contention, he pointed out the statements of Mr. Heman K. Parikh, Kundan Ajit Bhingarde and Kamal Singh. He submitted that all these three formal Directors specifically stated that the alleged benamidars....
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....t of Satish Pujari. Hence, IO/AA should have made these dummy Directors party and looked for the whereabouts of Satish Pujari but this was not done, inspite of Appellants specific application to AA u/s 26(6) However, in-spite of being provided with telephone numbers of the CBI at Gujarat & Kolkata (vide Heman Parkih's Letter dt: 06.08.2019 who are perhaps investigating Satish Pujari, the IO/AA failed to pursue the matter with CBI or examine the other Directors of the Benamidar Company to trace the whereabouts of Satish Pujari. He was not even made a party to the proceedings by the IO/AA and when the Appellant moved an application u/s 26(6), the same was rejected by the AA. He argued that the impersonation by Heman Parikh, as Hemant P....
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....ullion. He further pointed out that M/s Ambica Bullion failed to produce the CCTV footage to check and verify the genuineness of alleged transaction, as to who visited the office of appellant for taking the delivery. Prayer is accordingly made to dismiss the present appeal, being devoid of any merits. 4. After hearing the rival submissions, we have given our thoughtful consideration with the same. There is nothing on record that Shri Ishant Jain, Proprietor of M/s Ambica Bullion handed over the huge demonetized currency to the Directors of the said two benamidar companies. The Investigating Agency/Initiating Officer has not traced whereabouts of Shri Satish Pujari, who allegedly delivered the demonetised currency for deposit into the ban....