9911796707
TMI Blog2007 (9) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... 6(1) of the Income-tax Act, 1961, the following questions have been referred for answer by this court "(1) Whether, on the facts and in the circumstances of the case, the hon'ble Tribunal is correct in upholding the addition of Rs. 10,69,200? (2) Whether the finding of the hon'ble Tribunal regarding opportunity of being heard production of Pawan Kr. Jain and refusal to admit additional/new evidence are correct ? (3) Whether the findings as aforesaid are based on any material on record as according to the appellant the same are contrary to the record and thus are incorrect ?" 2. The facts of the case lie in a narrow compass 3. The assessee was dealing in a wholesale business. He filed a return of income-tax showing total incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al after considering the entire records and assessment proceeding found that the adequate opportunity was given to the assessee and, therefore, did not consider the affidavit filed by the assessee and confirmed the order passed by the assessing authority and the appellate authority. 4. Mr. S. B. Gadodia, learned senior counsel appearing for the assessee submitted that the Appellate Tribunal has committed serious error of law in holding that a new plea was taken by the assessee that the demand drafts were purchased in the name of his brother Shri Pawan Kumar Jain. As a matter of fact, the assessee since very inception took the plea that the drafts were purchased by his brother Shri Pawan Kumar Jain. According to learned counsel, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that 'the alleged drafts do not relate to the business of the petitioner'. Here also the assessee did not deny purchase of drafts detailed above. To further authenticate and investigate the matter photo copy of all the drafts applications were obtained from the respective banks. All those applications bears the signature of Sri Mahabir Prasad Jain and those facts was also brought to the notice of the assessee for his comments. The assessee chose to keep silence on this point. I am, therefore, led to the inescapable conclusion that the assessee had no explanation for the investigation made in the purchase of draft nor could he produce any evidence that those drafts were purchased by him on behalf of his brother and the money spent by him in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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