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2014 (8) TMI 489 - HC - Income TaxInitiation of block assessment u/s 158BD r.w. section 158BC – Benami transactions - Held that:- The group concerns of Shri Rajendra Goayl i.e. Goyal Industries Ltd., Goyal Synthetics Pvt. Ltd. and Foremost Finvest Pvt. Ltd. made fictitious sales to the concerns namely (i) Raju Fabrics (ii) Gunjan Exports,and (iii) Aditya Yarn Pvt. Ltd. were received from benami concerns of Goyal Industries Group - the source of credit either by cheque or cash in the benami accounts to the extent of ₹ 92,01,74,261/- remains unexplained - The accounts have been detected by virtue of inquiry in the cheques found from the locker of Shri Pursottam Mundra, employee of Shri Surajnath Sidh, who is involved in the business of cheques discounting - it cannot be said that the AO has committed any error and/or any illegality in initiating the block assessment proceedings u/s 158BD. When the subjective satisfaction has been arrived at by the AO for initiation of the proceedings u/s 158BD of the Act on the basis of the material collected during the course of search/inquiry, it cannot be said that satisfaction arrived at by the Assessing Officer while initiating proceedings under section 158BC of the Act has been vitiated in any manner - There is ample material on record in the satisfaction note against the respective petitioners and Goyal Industries Ltd and another - even the Rajendra Goyal is the Director of Goyal Industries Ltd. and the Company i.e. Goyal Industries Ltd. is run through its Director/Manager/employees etc. - no error or illegality has been committed in issuing notice u/s 158BD – Decided against the assessee.
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