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TMI Blog2017 (1) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... matter, the Tribunal will call for the original record and will examine the documents and will hear both the parties and examine all the parties including Raj Kumar Sharma, Rana and Department. Only on this one point, we are of the opinion that the Tribunal has seriously committed an error in reversing the finding of the CIT(A). It is required to be reappreciated by the Tribunal. We know that the matter is remanded back almost after 13 years but the findings which are arrived at by the Tribunal requires to be arrived at after reappriciation of the evidence and the same will be done after calling for the original documents and after giving opportunity to both sides namely Raj Kumar Sharma and Rana for inspecting the documents and offering their comments. - D.B. Income Tax Appeal No. 65, 97, 119, 122, 189, 2003, D.B.Income Tax Appeal No. 9 / 2005 - - - Dated:- 10-1-2017 - K. S. Jhaveri And Vinit Kumar Mathur, JJ. For the Appellant : Mr. N.M. Ranka, Senior Counsel with Mr. N.K. Jain Mr. Dharmendra Kumar Rana, present in person in I.T. Appeal No.9/2005 For the Respondent : Mr. R.P. Garg, Mr. Anuroop Singhi, Mr. Arijit Chakravarty Mr. Rahul Sharma JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nting to ₹ 4,91,14,412/- as unexplained cash credit? 2. Whether on the facts and circumstances of the case, the learned Tribunal is right and justified in upholding the order of the worthy CIT(A) who had set aside the assessment and directing the A.O. to work out closing stock for assessment year 1994-95 after taking into ac count the credits entries? 3. Whether on the facts and circumstances of the case, the learned Tribunal is right and justified in annulling the assessment on the ground that assessment should be under Section 158B of the IT Act instead of Section 158B and not set aside the same and directed the A.O. to make the assessment. D.B.INCOME TAX APPEAL No. 189 / 2003 1. Whether the learned ITAT had material and was right in law in not holding the stock found of ₹ 13,85,000/- as that of Shri R.K. Sharma Individual? D.B.INCOME TAX APPEAL No. 9 / 2005 1. Whether the appellant, who is a partner of M/s. Ratan Mandir, can be held liable to pay income tax on account of seized goods, which seizure had been made from the residential premises of one of the partners of the firm, so as to infer that the goods seized were not the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 142 of the Income Tax Act, 1961 is issued to M/s. Rana Saree Emporium, Rana Sons, Rana s, Ratan Mandir, their partners and their family members (name of the person) to produce, or caused to be produced, books of accounts or other documents which will be useful for, or relevant to, proceedings under the Indian Income Tax Act, 1922, or under the Income Tax Act 1961, he would not produced, or caused to be produced such books of accounts or other documents as required by such summons or notice. 6. He has also contended that inspite of the fact that while considering the matter, the CIT(A) at page 113 para 3.2 has considered as under: I have carefully considered the facts of the case and the rival submissions. The brief facts of the case are that the firm M/s. Ratan Mandir was formed Vide Partnership deed dated 15.7.1988 and its business commenced on 15.7.98. It was constituted by Shri Raj Kumar Sharma with 25% share in the profits and losses of the firm, Shri Yogendra Kumar Rana with 25% share in profit and 37% in losses. Shri Dharendra kumar Rana with 25% share in the profit and 37.5% share in losses Shri Mukul Rana with 25% share in the profits only. The firm had comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osition , the AO has rightly invoked the provisions of section 158BC of the IT Act, 1961 and framed the assessment as per the provisions of this section. The appellant s appeal on this ground of appeal is therefore not maintainable and is dismissed. 7. The Tribunal while considering the matter has observed in para 4 and 5 has set aside the search warrant on the partnership firm. 4. Parties have been heard with reference to material on record and case laws relied upon by them. The copy of warrant of authorization was placed at APB p.10 which is stated to have been called for and examined by the ld. Commissioner of Income-tax (Appeals). The perusal of the warrant of authorization under section 132 reveals that the designated officer had reason to suspect that books of account and other documents, money, bullion, jewellery or other valuable article or thing have been kept and to be found in residential house at Vijay Gopalji ka Mandir, Johari Bazar, Jaipur occupied by Shri Raj Kumar Sharma and his family members. He therefore, authorized the officers to enter and search through the warrant of authorization dated 12.11.97. Thus the warrant of authorization was for searching S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ying out their activities in the residential house at Vijay Gopalji Ka Mandir, Johari Bazar Jaipur. Therefore, the findings arrived at are to be viewed in view of form No.45. We make it clear that these are tentative findings on the basis of zerox copy. While reconsidering the matter, the Tribunal will call for the original record and will examine the documents and will hear both the parties and examine all the parties including Raj Kumar Sharma, Rana and Department. 9. Only on this one point, we are of the opinion that the Tribunal has seriously committed an error in reversing the finding of the CIT(A). It is required to be reappreciated by the Tribunal. We know that the matter is remanded back almost after 13 years but the findings which are arrived at by the Tribunal requires to be arrived at after reappriciation of the evidence and the same will be done after calling for the original documents and after giving opportunity to both sides namely Raj Kumar Sharma and Rana for inspecting the documents and offering their comments. 10. We are not expressing any opinion on the merits of the matter since, we are remitting the matter back to the Tribunal only on one point that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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