9911796707
TMI Blog1992 (2) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... nts, noticed that there were certain discrepancies in the various accounts of trucks bearing Nos. GTB 4681, GTB 6426 and GTB 5456 and, in this connection, the persons in whose names these trucks stood at the relevant time were examined. However, the Income-tax Officer on the basis of the material on record, found that all the ingredients of a benami transaction were present in all these three cases and that the explanation of the assessee that these three trucks were hired by him from the three persons in whose names they stood and that the amounts paid to them were hiring charges was not acceptable. The accumulated net credits in these truck accounts were, accordingly, assessed as a part of the assessee's income from transport business. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. In compliance with the directions of the High Court, the Tribunal has referred the following questions for the opinion of the High Court under section 256(2) of the Act : "1. Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the income from the three trucks GTB 4681, GTB 6426 and GTB 5456 was properly added to the assessee's income ? 2. Whether, on the facts and in the circumstances of the case, there was any material before the Tribunal to hold that the assessee, and not the persons in whose name the aforesaid three trucks were registered, was the owner of the said trucks ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal ought to have held that, as the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the assessee, submitted that the finding of the Tribunal that the assessee was the owner of the trucks and enjoyed the income from all the trucks was based on conjectures and surmises and was not at all warranted by the evidence on record. He submitted that these three trucks were, at the relevant time, registered in the names of persons other than the assessee and there was no reason whatsoever to draw an inference that they were the benamidars of the assessee. He further submitted that the certificates issued by the Regional Transport Authority showed that, at the relevant time, the trucks bearing Nos. GTB 4681 stood in the name of Mehtabkhan Yamankhan Pathan, GTB 6426 stood in the name of Shivaji Khanderao More and GTB 5456 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the three persons purporting to be the owners of these trucks could satisfactorily show that they had sufficient means for purchasing the trucks or to maintain them. In fact, Shri Ganesh Narayan Kahar was hardly 18 years of age when he is said to have purchased the truck and had, admittedly, no experience of that business since he was engaged only in selling fish, being a fisherman. The rent for the trucks which was being credited in the assessee's books of account was never utilised for personal purposes of any of the so-called truck owners. The material on record clearly discloses that the benefit of the income was enjoyed by the assessee. The entire expenses of the trucks were debited in the assessee's books of account and the income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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