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TMI Blog2019 (2) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Appellate Tribunal (in short "the Tribunal"), raising the following questions for our consideration: "(a) Whether on the facts and circumstances of the case and in law, the Tribunal was justified in deleting addition of Rs. 8,57,00,000/on account of unexplained income appearing in the name of Pan Asian Distribution Ltd by not appreciating the document containing the details was seized d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The RespondentAssesssee is an individual. Appeal relates to Assessment Year 2000-01. During the search operation at the residence of one Kashinath Tapuriah, three bank drafts of Union Bank of Switzerland were found and seized. One bank draft was for payment of 2 Million US$ drawn in favour of one Pan Asian Distribution Ltd, payable at Singapore. Another draft was for a sum of Rs. 2 Million US$ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in this background that, the Tribunal refused to accept the Revenue's contention that, the Assessee was beneficiary of this payment. The Tribunal noted that, there was no material on record to suggest that, such a company did not exist nor there was any evidence of any link between the said Company and the Assessee. The Tribunal, therefore, observed that the presumption as referred to in Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of the Assessee but during the raid from a third party. No question of law, therefore arises.
6 Question 2 relates to addition of the amount of the Assessee's unexplained expenditure. The Tribunal considered the material on record and reduced these additions made by the Assessing Officer under this head. The entire issue is factual.
7 In the result, Appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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