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TMI Blog2016 (9) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 4.22 crores has been invested by the respondent assessee in M/s. Avis Motors Pvt. Ltd. This is more particularly so as the entire case of the Revenue is on the document which is found in possession of a third party, indicating certain amounts payable by the respondent assessee, when the same has been denied by the respondent assessee at all times. This denial on the part of the respondent assessee of the document has not been addressed to by the Revenue. No additions - Decided against the revenue. - Income Tax Appeal No. 176 of 2014 - - - Dated:- 29-8-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Charanjeet Chanderpal a/w Ms. Madhuri Gaikwad for the appellant Mr. Ajaykumar R. Singh for the respondent ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vt. Ltd. The basis for the aforesaid presumption was that the respondent assessee's wife and son are the Directors of M/s. Avis Motors Pvt. Ltd. The respondent assessee in response, pointed out that these papers were not prepared by him, did not belong to him and none of the statements contained in the document was accepted by him. Notwithstanding the above stand of the respondent assessee, the Assessing Officer proceeded to rely upon the document to conclude that it indicated investment made by the respondent assessee in Avis motors Pvt. Ltd. and brought it to tax as unexplained investment under Section 69B of the Act. 4. Being aggrieved, the respondent assessee carried the issue in appeal to the Commissioner of Income Tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the facts records the following undisputed facts. (a) The search and seizure operations were conducted on strangers; (b) The paper relied upon by the AO was found from the premises searched; (c) No mention of any statement having recorded, either of the assessee or the assessee's son and wife. (d) Avis Motor, Kailash Tiwari and Anand Tiwari have accepted the investments made by them in their assessments. (e) Assessee name does not appear anywhere in the balance sheet of Avis Motor, as pointed out by the DR and relied upon by him. On the basis of the aforesaid facts, it notes that the Assessing Officer in the impugned order has not dealt with the objections of the respondent assessee as recorded here ..... X X X X Extracts X X X X X X X X Extracts X X X X
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