9911796707
TMI Blog2006 (1) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... ned investments with the association of persons by name M. G. Enterprises to the tune of about Rs. 1.28 crores ? 2. Whether, on the facts and circumstances of the case, the Tribunal was right in deleting the addition of unexplained investments of about Rs. 1.28 crores by relying solely on an affidavit of M.G. Enterprises and without appreciating the evidence of the incriminating documents seized at the time of the search ? 3. Whether, on the facts and circumstances of the case, the Tribunal had enough material to conclude that the assessee had no unexplained investments ?" 2. The relevant assessment year is 1985-86. 3. Simultaneous search operations were carried out in the residential and business premises of the assessee as well as his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted by the Assessing Officer himself that the relevant documents had been seized from the premises of M.G. Enterprises or its officers and the M.G. Enterprises has filed solemn affidavit that it has not received the said amount of Rs. 1.28 crores from the assessee. Based on the abovesaid factual matrix, the Commissioner of Income-tax (Appeals) has held that the association of persons, viz., M.G. Enterprises alone was liable to explain the source of Rs. 1.28 crores and the addition made in the hands of the assessee has to be deleted. That order was confirmed by the Tribunal. 4. Learned counsel appearing for the Department very strenuously contended that the finding recorded by the Tribunal that the relevant documents were seized not fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prima fade duty of M/s. M.G. Enterprises to explain the exact nature of the entries made in the seized documents and it is the duty of the Assessing Officer to ascertain from M/s M.G. Enterprises and its officers on the true nature of the entries found in the documents seized from their premises. The Tribunal also found that when the association of persons, viz., M/s M.G. Enterprises denied the investment made by the assessee, that denial could have been rebutted by the Assessing Officer on the basis of certain materials. But in the absence of any material worth mentioning the Assessing Officer was not able to rebut the same and as such the finding of the Commissioner of Income-tax (Appeals) could only be confirmed. On consideration of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
