9911796707
TMI Blog2025 (3) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... imited purpose of disposing the above said issue raised in the respective appeals filed by the revenue, referred supra. X X X X Extracts X X X X X X X X Extracts X X X X ..... he basis of very same information only. Thereafter, the Tribunal concluded the hearing on 27-10-2021, meaning thereby, the above said written submission containing detailed explanations along with the relevant bank/portfolio statements, was furnished prior to the conclusion of the hearing. However, while passing the orders, the Tribunal has completely overlooked the written submissions so given by the assessee's. In support of the above submissions, the Ld A.R invited our attention to the copy of written submissions filed before the Tribunal on 26-10-2021, which is attached to the miscellaneous petitions as "Annexure B". 3.2. Elaborating the contents of the written submissions, the Ld A.R submitted that the assessee's have explained the modus operandi followed by it in making investments in paragraph 2 of the written submissions ahd it reads as under:- "2. On perusal of the entries in the bank accounts, it can be observed that the bank account reflect various entries in the nature of loans, investments, call deposits, interest etc. The assessee has predominantly obtained loans from UBS bank on certain interest and has invested the same in callable bonds giving interest. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plained the sources of above said amount to be the maturity proceeds of earlier deposits and hence there is no requirement of assessing the same again. According to the assessee's, they have attached relevant statements of banks and portfolio investments in order to substantiate the above said claim. The Ld A.R further submitted that the said statements were supplied by the revenue only and the proceedings under Black money Act were initiated on the basis of very same statements only. According to the assessee's, the Ld CIT(A) had granted relief to the assessee's on the basis of very same information and explanations. However, the detailed explanations so furnished by way of written submissions were not considered by the Tribunal at all and hence the Tribunal was constrained to observe in paragraph 62 of its order as under:- "none of these submissions is based on copies of any sale or purchase documents produced by the assessee, but only simply based on the bland explanations given by the assessee. There is no evidence whatsoever to support the sale or purchase of a security, the nature of security or any other details" Accordingly, the Tribunal has reversed the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on before the Tribunal u/s 254(2) of the Act specifically inviting the attention of the Tribunal to the written submissions which were filed at the time of hearing in support of the case and in particular the binding decisions in support of their appeal. However, the Tribunal did not entertain the rectification application filed u/s 254(2) of the Act. Hence the assessee filed a writ petition before Hon‟ble Bombay High Court, which held as under:- "6 We find that, though the order dated 13th February 2015 does render a finding that no positive material was brought on record, there is no discussion whatsoever of the various case laws detailed in the submissions which according to the petitioner clinches the issues in support of its case that the shareholding investment by the five Companies was genuine. In the above view, the Tribunal ought to have allowed the petitioner's Rectification Application and considered the petitioner's appeal before it on merits, inter-alia, taking into account the material and case laws which has been already filed by the petitioner's during the hearing leading to the order dated 13th February, 2015. 7. In view of the peculiar facts of the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
