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TMI Blog2016 (3) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... the evidence collected by the prosecution was not of that nature which could satisfy the court about unexplained investment by the accused. Bearing this fact in mind, when we perused the assessment orders then it revealed that AO has relied upon the Panchnama/charge sheet prepared by prosecution. On due consideration of these facts we are of the view that it is for the ld. AO to first lay his hands on an evidence which shows unexplained investment by the assessee. The ld. AO thereafter supposed to call upon the explanation of the assessee qua that investment or any assets possessed by him. If the AO is not satisfied with the explanation of the assessee then addition in the hands of assessee can be made. The ld. Assessing Officer shall deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer has framed assessment u/s 143(3) r.w.s. 147 of the Income-tax Act, 1961 (in short the Act) for Asst. Years 2001-02 to 2004-05. In Asst. Year 2005-06, the Assessing Officer issued notice under section 143(2) 142(1). In response to the notice Shri Gaurang Shethwala, C.A. had appeared before the Assessing Officer from time to time. While scrutinizing the details for Asst. Year 2001-02 ld. Assessing Officer has worked the investments in FDR, KVP, NSC etc. found during the course of raid in financial years 2000-01 to 2003-04. All these details are mentioned on page 2 3 of assessment order. These details read as under :- F.Y. FDR KVP Slip of cash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) Investment in Kisan Vikas Patras as discussed in para-3 1,30,000 2) Investment in Time deposit as discussed in para 5 5,000 1,35,000 Total income determined at 2,27,101/- Rounded off 2,27,101 At this stage it is pertinent to note the observations of ld. Assessing Officer in paragraph no.4 to 7 of the assessment order which read as under :- 4. On the basis of this exercise, notice u/s 148 of the IT Act issued and served upon the assessee. The assessee filed return of income salary income only. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -06 whereas the investment pertains to AY 2001-02. The explanation offered by the assessee has no merit therefore the investment in KVPs is considered as unexplained u/s 69B of the IT Act. The assessee did not declare the investment of KVPs in his return of income for AY 2001-02 and thus willfully concealed his income within the meaning of explanation 1 to section 271(1)(c) r.w.s. 274 of the IT Act, 1961. 7. The statement of the assessee is not acceptable as the investment was to confirmed with documentary evidence which are not furnished by him and the documents under which the matter is conveyed by him to the ACB is also not produced. The assessee has filed the return of income in the name and status of HUF for Ays 2004- 05 and 2005-06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of Shri Rathod which is as under :- Rs.10,00,000/- In a cotton bag Rs.2,86,000/- In a plastic kept in brief case Rs.13,57,400/- In a drum kept in the kitchen Rs.4,00,000/- In the maliya of kitchen Rs.30,43,400/- On the strength of the above details the ld. Assessing Officer determined taxable income at ₹ 39,78,720/-. 5. Dissatisfied with the assessment order, assessee went in appeals before CIT(A) but the appeals before ld. first appellate authority did not bring any relief to the assessee. 6. Now the assessee is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated against the assessee for having Disproportionate Assets worth ₹ 50,49,590/- in his possession. It was the case of the prosecuting agency that during the course of investigation, it came to the notice of the department that assessee has made investments in his name as well as in the names of his dependents and the evidences demonstrating the Disproportionate Assets had come to the light. The ld. Special Judge has considered these allegations and acquitted the assessee. On due consideration of the judgment of Special Judge, ACB, particularly paragraph, 57 74, we are of the view that before the Court of Special Judge, ACB, assessee has produced evidences demonstrating his position about alleged unaccounted assets. In all assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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