9911796707
TMI Blog2012 (9) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount was forfeited, was not established and was not worthy of belief. The Income Tax Authorities did not commit any error in adding the amount to the income of the assessee as unaccounted undisclosed income. The findings recorded by the Income-tax authorities, that the three demand drafts were by way of accommodation entries of the unaccounted moneys of the assessee, thus, does not suffer from any error of law - aginst assessee. - INCOME TAX APPEAL DEFECTIVE No. - 139 of 2010 - - - Dated:- 11-9-2012 - Sunil Ambwani, Aditya Nath Mittal, JJ. Petitioner Counsel :- Rakesh Ranjan Agrawal,Suyash Agrawal Respondent Counsel :- Ravi Srivastava/C.S.C. 1. Notices were issued on the delay condonation application for condoning the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... served on 23.3.2007. 5. The Assessing Officer found the reopening to be valid. A raid was conducted at the residence of Shri Sandeep Garg, Senior I.A.S. officer, who is the son of the assessee from where several incriminating documents were recovered. The assessee tried to explain, that one Shri Trilok Chand Bansal-a stranger from Delhi approached him on different dates and gave demand drafts for purchase of his house. The demand drafts drawn from the account of M/s Performance Trading Investment Co. Pvt. Ltd was given to the assessee. The agreement of sale could not materialise and thus the entire amount advanced by Shri Trilok Chand Bansal was forfeited. 6. The Income Tax Officer found that the agreement was neither signed by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Performance Trading and Investment Company. The assessee alleged to have entered into agreement with M/s Performance Trading and Investment Company to sell part of his house to M/s Performance Trading and Investment Company, through its Director, Shri Trilok Chand Bansal. The agreement to sell has been signed neither by the assessee nor by any witness, in whose presence the so-called agreement was entered into. The assessing officer had carried out enquiries by sending summons under section 131 at the address of Shri Trilok Chand Bansal, of the company and Shri Anil Kumar, the witness on behalf of Shri Trilok Chand Bansal. All the three summons were received back. The assessing officer got enquiry conducted through the Income-tax Inspector ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor, their credit-worthiness and genuineness of the transactions. Merely furnishing the particulars is not enough. Mere payment by account-payee cheque is not sacrosanct nor can it make a non-genuine transaction a genuine. In the case of the assessee, the transaction that the assessee wanted to sell his house has not found to be genuine and, therefore, the payment received from M/s Performance Trading and Investment Company Pvt. Ltd. cannot be treated as genuine transaction." 9. In our opinion the findings recorded by the Assessing Officer, CIT (A) and ITAT in proceedings under Section 148 of the Act are findings of fact. The assessee could not satisfy the Income-tax authorities regarding the identity of Shri Trilok Chand Bansal, the D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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