9911796707
TMI Blog1983 (3) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... 62-63 was set aside by the AAC in January, 1969 with a direction to produce M/s Sippy Films for examination giving an opportunity to the assessees to cross examine M/s Sippy Films, it would appear Sippy Films was examined by the ITO but either because of the cross examination could not be conducted or the cross examination, did not leave to any positive inference, nothing much came out of the same. Since 1969 nothing, was, therefore done and in effect the AAC's order for examination and computation of income therefore was not given effect to by the ITO. For wealth-tax purposes on 12th March, 1979, the WTO passed consolidated orders for the asst. yrs. 1960-61 to 1974-75. In these wealth-tax orders 1/3rd of the above amount being referable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Contesting the direction, the ld. counsel for the assessee has pointed out about the absolute inequity in adding nearly a crore of rupees as net wealth in the hands of these three assessees where actually there was absolutely no asset of this nature. The finding about a cash credit in 1961 was in dispute before the authorities right from that year. The income-tax assessment involving this amount has not been settled even today inspite of repeated remands by the appellate authorities. Even so from year to year the matter is being remanded to the assessing authority for wealth-tax purposes. As it is the assessees have absolutely no evidence with them to enforce payment of any amount from the said Sippy Films or H.S. Rawail. In the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operation of the parties, the earlier assessments could not be completed. That does not, however mean that the wealth-tax assessments should not be completed on the basis of the available data. Both Sippy Films and H.S. Rawail have accepted the fact of receiving money form the assessees. This had not been one self challenged be the other. Since they are bound by the acceptance automatically the assessee are entitled to receive this amount. It is in the above background that the appellate authorities have remitted the matter to the ITO and the WTO for the earlier years. While pressing for confirmation of the assessments to wealth-tax, the ld. counsel has in the alternative claimed that at best the matter should go back to the WTO for bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income could be attributed to them for the asst. yr. 1962-63, it is not necessary that it should continue with them as an asset for 1963-64 or subsequent years. Whether this attributed income has become bigger with the acquisition of interest thereon would be another matter of fact to be decided and for which also the onus is on the Revenue. There is still the further fact whether the original income amount with the presumptive acquisition of interest over the years and that no amount thereof being lost or spent remains with the assessees in as late as the valuation date as for the asst. yr. 1976-77 or 1977-78. Here we are having the peculiar situation of a disputed addition by way or imputed income for the asst. yr. 1962-63 having snow-bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has the origin of any amount in 1962-63 been established; much less has the continuance of the same amount or any increased amount—increase on account of interest etc.—been established. Against this background, we had doubts whether in remitting the matter back to the WTO as in the earlier years would neither be just or nor serve any restore purpose. 8. We find however, from certain records pointed out to us by the learned counsel for the Department that some enquiries are still on, certainly the progress of this enquiry should not be jeopardised. We have also to take into account on the other side, the inconvenience and misery that may be caused to the assessees if the matter goes on hanging for a long time. We, therefore, agree to remi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the WTO giving him time to make some enquiries is done only as part of performing our functions in deciding these appeals. If we had ourselves got these enquiries made and given a final order, the assessee would not have an occasion to go through any other forum of decision. The assessees coming upto us after the WTO's order thus being in continuation of these appeals pending before us they are not separate appeals and payments of separate appeal fees etc., before the Tribunal not be required for the same. (vi) If by the date specified above, the Taxing Officer is not able to bring positive evidence with regard to the existence of this wealth and discharge his onus to show that such an asset belonging to the assessees exists, the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
