9911796707
TMI Blog2025 (2) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Appellant through Shri Mahendra Pal Malhotra to whom gold was admittedly delivered along with the invoice thereof. Appellant believes that having received copy of the invoice signed by Smt. Suman Dua from Shri Mahendra Pal Malhotra was sufficient as proof of his delivery of gold worth Rs.1 Crore to Smt. Suman Dua. We observe that such belief is neither corroborated by normal business practice nor supported by the fact that the transaction involved gold sale of Rs.1 Crore. While it established that the funds were transferred from the account of Smt. Suman Dua, the Appellant failed to establish the delivery to the person from whose account the amount of Rs.1 Crore was transferred to his firm M/s Harsh Bullion. Appellant has claimed that M/s Harsh Bullion is a bonafide business entity yet no convincing argument has been made as to why it closed the Punjab & Sind Bank account Janakpuri, Bareilly on 20.06.2017 and transfer the closure proceeds to M/s Bankey Bihari Bullion, another firm of the Appellant wherein Shri Mahendra Pal Malhotra is also a partner. The argument of the Appellant that M/s Harsh Bullion had conducted a number of transactions of Rs.10 Lakh and more in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Address of the Property 1. Mahendra Pal Malhotra 0.1900 Hect. of Khasra No.924, Chaubar, Bareily Development Area. 2. Mahendra Pal Malhotra 86.84 Sq. Mtr. of Plot Khasra No.921, Chaubar Bareilly Development Area. 3. Shiv Kumar Kakkar 128-B Model Town, Bareilly via sale deed No. 11405. 4. Current account of M/s Harsh Bullion Account No. 08341100000432 of M/s, Harsh Bullion in Punjab & Sindh Bank, Janakpuri, Bareilly. PAN: AAJFH3033K 2. Ld. Counsel for the Appellant argued that Rs.1 Crore was transferred in the current account of M/s Harsh Bullion by Smt. Suman Dua for purchase of gold for which the mediators were Shri Mahendra Pal Malhotra and Shri Shiv Kumar Kakkar. Smt. Suman Dua being a lady did not come personally to collect the gold however, all legal and paper formalities were completed. Shri Mahendra Pal Malhotra, who having known the Appellant for the past few years, had conveyed the name of the customer Smt. Suman Dua and her need to buy gold. The Appellant under bona fide belief completed the gold transaction by issuing Invoice No.933 dated 16.11.2016 in the name of Smt. Suman Dua for a value of Rs. 1,00,00,086/-. The Appellant had even paid the VAT on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Mahendra Pal Malhotra took her to the bank on 16.11.2016 and there she signed certain forms and documents first at Prem Nagar Branch and then Ekta Nagar Branch of Punjab National Bank (PNB). She categorically stated that sum of Rs. 1 crore was fraudulently deposited in her bank account by Sh. Mahendra Pal Malhotra (i.e. friend and partner of the Appellant herein) who is close friend of her employer Sh. Bablu Kakkar (Shiv Kumar Kakkar). Ld. Counsel stated that the transaction occurred within a few days of the demonetization announced on 8th November 2016. He further contended that there are contradictions between the statements of Shri Mahendra Pal Malhotra and the Appellant. Ld. Counsel for the Respondent expressed surprise that how Rs. 1 Crore could be credited without having transferred the possession of gold to Smt. Dua. He claimed that Shri Mahendra Pal Malhotra is also a partner of the Appellant in another partnership firm M/s Bankey Bihari Bullion. He stated that even according to the Appellant after receiving RTGS of Rs. 1 Crore from Smt. Suman Dua, it was Shri Mahendra Pal Malhotra who had provided him a signed copy of the identity proof of Smt. Dua and it was Shri Malh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anch of Punjab National Bank at Rajendra Nagar, Bareilly. Smt. Suman Dua is on record that Shri Mahendra Pal Malhotra and Shri Shiv Kumar Kakkar had accompanied her to the branch where she merely signed on certain forms which were filled by others. It has also come on record that the account no. 834110000040000 in Punjab & Sind Bank, Janakpuri, Bareilly of M/s Harsh Bullions was closed and the closure proceeds were transferred on 20.06.2017 to the account of M/s Bankey Bihari Bullion. From the letter of the Branch Manager of Punjab & Sind bank, Janakpuri, Bareilly it is clarified that the said account no.08341100000427 is held by M/s Bankey Bihari Bullion which is a partnership firm of Shri Mahendra Pal Malhotra, Smt. Indu Malhotra, Shri Anoop Kumar Agarwal and Shri Pradeep Kumar Agarwal. The partnership deed of this firm was executed on 27.12.2016. 8. The Appellant has admitted in his statement that the gold was not delivered directly to Smt. Suman Dua, from whose account RTGS transfer of Rs. 1 Crore was received in the account of M/s Harsh Bullion, wherein he was a partner with Shri Anoop Kumar Agrawal. The copy of the identification documents of Smt. Suman Dua was received by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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