9911796707
TMI Blog2024 (12) TMI 1280X X X X Extracts X X X X X X X X Extracts X X X X ..... share certificates and the assessee was the owner of the valuable article i.e., share certificates. Record discloses that the assessee has not placed any iota of evidence to establish that the investment was made in the year 1994. It is trite law that the initial burden lies upon the assessee to prove the claim that the investment was made in the year 1994 and the same is not pertaining to the block period. The findings of fact recorded by the authorities under the Act are based on meticulous appreciation of evidence on record. Tribunal while dismissing the appeal, confirmed the order of the CIT (Appeals) as well as the order of the Assessment Officer, by giving cogent reasons taking into account of the provisions of the Act. This Court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer? 5. A common substantial question of law arises for consideration in these appeals. Therefore, these appeals were heard analogously and are being decided by this common judgment. For the facility of reference, facts from I.T.T.A.No.47 of 2008 are being referred to infra. 6. On 21.01.2003, search and seizure operations under Section 132 of the Act were conducted at the residential premises of assessee namely Mr. Sunil Kumar Agarwal, his brother Mr. Gyan Kumar Agarwal and other members of his family. In the said search and seizure operation, photo copies of share certificates of M/s. Jivika Leasing and Finance Limited were noticed. The said share certificates are in the name of the assessee, Mr. Gyan Kumar Agarwal and memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 137/Hyd/2005 before the Income Tax Appellate Tribunal, Hyderabad Bench A and the same was dismissed on 19.10.2007. In the above said factual backdrop, the assessee has approached this Court by filing this appeal. 8. Learned counsel for the assessees submitted that the assessee himself admitted that the purchase of shares in M/s. Jivika Leasing and Finance Limited in fictitious names and the entries were recorded in the books of accounts of the Company for the assessment year 1995-96 and the transaction fell outside purview of the block period. It is further submitted that in the absence of any evidence, the Assessing Officer came to conclusion that the undisclosed income is for the block period i.e., 1997-98 to 2002-03 and for the period 01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is that he invested in the shares in the year 1994 in the name of fictitious persons who are not in existence and the same falls beyond the block period concerned. The Tribunal while dismissing the appeal specifically held that the investment made by the assessee had not been disclosed to the Income Tax Department even in the earlier assessment years. It was further held that as per Section 158 BB(2), in computing the undisclosed income of the block period, the provisions of Sections 68, 69, 69A, 69B and 69C of the Act will apply and the reference to the financial year in those Sections shall be construed as reference to the relevant previous year falling in the block period including the previous year ending with the date of search or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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