9911796707
TMI Blog2006 (1) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... ct in invoking sections 69 and 69A of the Income-tax Act, 1961, in the hands of the persons in whose names the monies stood invested on the ground that some members of the public have claimed monies as belonging to them and that too in the absence of any corroborative evidence? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that income, if any, on the unexplained investments should be considered in the hands of the firm especially when it had been found that the firm itself was not genuine and in the absence of any evidence to show that the deposits belonged to such a firm? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am Enterprises having its premises at Nos. 2 and 3A, East Perumanoor Road, Salem. One K. Palanisamy was the person running the concern. There was a search by police officials in the premises of concern on August 19, 1991, and a sum of Rs. 1,18,21,935 was seized. It was followed by a survey under section 133A of the Act and action under section 132 of the Act. (b) On notice, the said Palanisamy filed return. He also appeared on summons and gave statements. Then, complaints were lodged against the partners and promoters of the concern. Books of account maintained were also incomplete and no evidence was produced to show that funds were collected from the public. As it was found that Palanisamy was not in a position to explain the source of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee filed appeal before the Commissioner of Income-tax (Appeals), who had upheld the order of assessment. (f) The assessee filed a further appeal before the Income-tax Appellate Tribunal. The Appellate Tribunal held that wherever amounts could not be linked with the accounts of the firm, but such amounts were found in the names of various other persons, it would be necessary for such persons to offer explanation. The Tribunal also held that since there were claims by public, it was not proper to treat the amounts as income from undisclosed source of various assessees and directed the Assessing Officer to examine all the aspects of the matter including the criminal proceedings. Against the order of the Appellate Tribunal, the Revenue ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above facts. He shall also consider the various criminal proceedings. He shall also co-ordinate with the police authorities. He may call for the various depositions. He may call for such information of the claims made by various deposits against the firm as alleged in the courts." A perusal of the above observations made by the Tribunal makes it clear that none of the observations would affect the interest of the Revenue. Further, learned counsel appearing for the Revenue is also not in a position to point out any of the observations of the Tribunal attracting a substantial question of law. In the circumstances, we find no question of law much less a substantial question of law that arises out of the order of the Appellate Tribunal for o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
