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2011 (2) TMI 955 - HC - Income TaxCash amount of Rs.50 lacs seized from fiat car - Violation of provisions of Foreign Exchange Regulation Act, 1973 (FERA Act) - Concealment of income - Held that:- The persons from whom the amount was recovered initially stated that the amount belonged to the assessee. They are not shown to be having any extraneous reason to give such a version. Thereafter though they gave statement that the amount belonged to Tarsem Singh but the said statement was not proved to be correct and the said statement was given after a long time. The improved version could not be preferred to the original version. The first statement was also supported by other circumstances of the car being registered at the address of the assessee, the assessee admitting that earlier Suram Singh was his employee and that he knew J.P.Gupta who was said to have sent the amount. These could not be ignored by the CIT(A) and the Tribunal for setting aside of the assessment order on the ground that said witnesses were not produced for cross examination or that the car was later taken by some third person on superdari. Thus answer the question in favour of the revenue and hold that order of assessment against respondentassessee K.D.Bali was justified and finding of the CIT(A) as well as the Tribunal in setting aside thereof is perverse.
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