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TMI Blog2015 (12) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessment order dated December 26, 2007 passed under section 158BC read with sections 143(3) and 254 of the Income-tax Act, 1961. The grounds of appeal are not in consonance with rule 8 of the Income-tax (Appellate Tribunal) Rules, 1963. They are descriptive and argumentative in nature. In brief the grievance of the assessee is that the learned Assessing Officer failed to carry out the directions given by the Tribunal while setting aside the assessment order, he made the additions again without any supporting documents found at the time of search. It is also pleaded that the assessee was entitled to claim telescopic benefit of the shares of profit he received from the firm which had also suffered tax and such amount ought to be set off against various additions made by the Assessing Officer in the impugned assessment order. 2. Before adverting to the specific grievance of the assessee raised in number of grounds of appeal we would like to discuss the brief history of the assessment. 3. A search and seizure operation was carried out at the premises of the assessee on September 21, 1995. Along with the assessee various firms and associated concerns were also covered unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enses 50,000 Assessment year 1988-89 House hold expenses 50,000 Assessment year 1989-90 House hold expenses 70,000 Assessment year 1990-91 Undisclosed bank accounts 2,00,000 House hold expenses 70,000 2,70,000 Assessment year 1991-92 Undisclosed bank account 2,00,000 House hold expenses 80,000 2,80,000 Assessment year 1992-93 Undisclosed bank account 2,00,000 House hold expenses 80,000 2,80,000 Assessment year 1993-94 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unexplained investments in IVPs 82,500 Investments in Jai Mata Bhavani society 26,100 Deposit in the name of various employees 10,85,000 Expenses on the visit of relatives from foreign countries 2,50,000 Undisclosed investments in FDRs 9,30,000 Unexplained expenditure 5,00,000 30,97,340 Less : Set off as discussed above 12,78,600 18,18,740 Total undisclosed income 55,15,066 Add : Total income including undisclosed income 10,58,438 65,73,504 Less : returned income/assessed income 8,01,711 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he unaccounted income disclosed by the firms accordingly. The assessee has filed a declaration from other partners of the firm declaring that it is hereby declared and confirmed by all the partners that if each of the aforesaid partner is allowed to set off their one-third shares from the undisclosed income of our shares, for undisclosed income will be claimed by way of the partners in their Income-tax proceedings. The submissions made by the assessee have been examined carefully. The assessee will be allowed set off of one-third share from the disclosed income of the firms referred to above against the disclosed/accepted amount of undisclosed income against any amount which he has not accepted during the course of assessment proceedings. 8. The learned Assessing Officer had agreed that the assessee is entitled for telescopic benefit but, while giving actual benefit to the assessee, he restricted all these to a sum of ₹ 13 lakhs which is the amount the assessee himself disclosed. We are of the view that once an estimated addition on account of household expenses, investment in land, investment on foreign travel are being made and the source of such expenditure is stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidence explaining that the fixed deposits belonged to his sister. According to him, if the assessee fails to submit any evidence then there is no option left to the Assessing Officer except to make the addition in the name of the assessee. 10. We have on duly considering the rival contentions and gone through the facts and material on record, we find that the Tribunal has set aside the first assessment order vide order dated January 2, 2006. The learned Assessing Officer has started investigation on August 9, 2007, i.e., almost after one year and seven months. The assessment was going to be time barred at the end of December, 2007. According to the assessee, he has filed all the details before the Assessing Officer but somehow these have not been looked into. On due consideration of these facts, we are of the view that once Smt. Shardaben R. Patel has recognised the sale consideration by computing capital gain on transfer of the two flats and the return was filed before the search, then it has been demonstrated that source of the funds in purchasing two fixed deposits is the transfer of the two flats by Smt. Shardaben R. Patel. The assessee has discharged the onus before us als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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