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TMI Blog2014 (12) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... d refused to identify the assessee and had stated that they did not know the parties - Revenue has not produced any statement of Ram Avtar Singhal, Rajeev Gupta or (Late) Brij Mohan Gupta implicating the respondent assessee or corroborating that the code “AV” stands for “M/s Amar Nath Virender Kumar” - even the relevant diary or papers seized with the code “AV” have not been produced - The assertion made in the letter written by the Deputy Commissioner of Income Tax, Central Circle-19, is not sufficient and a good ground to uphold the addition which is only a finding or an inference - failure to produce the diaries/statements and the relevant statement decoding the entries is fatal for the case of the revenue – thus, the order of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersons identified. Along with the list, the Deputy Commissioner of Income Tax, Central Circle-19 had enclosed a satisfaction note recording that Ram Avtar Singhal in his statement dated 15th December, 2004, had decoded the entries in respect of the amount received/advanced by the veiled borrowers/lenders. The respondent-assessee, a partnership firm, finds mention in one such list. The said list gives the address of the respondent-assessee and the months in which the entries were made. The list indicates that the alphabets AV had been decoded and would read M/s Amar Nath Virender Kumar, Khari Baoli, Delhi . 5. In the first round, the Assessing Officer by the assessment order dated 30th December, 2008 made additions of ₹ 1,56,25,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 61,25,000/- and ₹ 60,00,000/- for the Assessment Years 2001-02, 2002-03 and 2005-06, respectively, recording that the respondent-assesseee had not disclosed the said transactions in the returns of income. Brij Mohan Gupta did not appear as he had died in July, 2011. On 21st December, 2011, Ram Avtar Singhal and Rajiv Gupta had appeared and deposed that they had not known any party by the name of M/s Amar Nath Virender Kumar. They also failed to identify the assessee. The Assessing Officer held that Rajiv Gupta and Ram Avtar Singhal were trying to evade direct replies to protect the assessee and their statements dated 21st December, 2011 cannot be relied upon. He preferred to rely upon the seized documents and the statements made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. On 25th November, 2014, again at the request of the counsel for the revenue the appeals were adjourned after recording that the Senior Standing Counsel had received the statements in the morning. On 3rd December, 2014, an adjournment slip was moved and the appeals were adjourned for today. 13. Learned counsel for the revenue has produced before us statement of Ram Avtar Singhal and Rajeev Gupta recorded on 15th December, 2004. Ram Avtar Singhal, it is apparent, was shown a bunch of loose papers (Annexure A-1) and asked to decipher the entries. In response to question No. 6, Ram Avtar Singhal deposed that the word Amar referred to Amar Nath, Naya Bazar . The second statement relied is again of Ram Avtar Singhal recorded on 22nd Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill, 2647, Naya Bazar, New Delhi ; and, M/s Amar Nath, Khari Baoli Rajdhani Floor Mills, Lahori Gate . The code AV as per the revenue, implicates the respondent-assessee. However, there is no evidence or material to show that Brij Mohan Gupta or Ram Avtar Singhal during the search had identified and decoded the alphabets AV to stand for M/s Amar Nath Virender Kumar, Khari Baoli . As already noted above, Ram Avtar Singhal and Rajeev Gupta had refused to identify the respondent and had stated that they did not know the said parties. Revenue has not produced before us any statement of Ram Avtar Singhal, Rajeev Gupta or (Late) Brij Mohan Gupta implicating the respondent assessee or corroborating that the code AV stands for M/s Amar Nat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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