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2016 (8) TMI 1563 - AT - Income TaxAddition as unexplained capital - assessee(s) contends that both these parties were alleged to be paper-company of M/s. M.D. Patel Group. This information was revealed by survey action on one Shri Pankaj Danawala and M/s. M.D. Patel Group A statement at bar is made by the assessee Shri Hemant Jadia, Advocate to the effect that M/s. M.D. Patel Group has owned up the transactions, investments and income from all the front companies, including these two assessee - HELD THAT:- As statement at bar is made by Shri Hemant Jadia, Advocate of Gujarat High Court and some of the orders of the Bombay High Court are on the record in respect of purported litigation between M/s. M.D. Patel Group and Union of India. The facts about Settlement Commission owning up of the income by the kingpin M/s. M.D. Patel Group etc. are not on the record. In view thereof these appeals are set aside and restored back to the file of the Assessing Officer to call the assessee to demonstrate that the subject matter raised in these appeals is covered by the alleged settlement petition of M/s. M.D. Patel Group and the result thereof. It is made clear that the AO will verify necessary records and the assessees will fully co-operate in this matter. In case of non-cooperation by the assessees, the ld. AO will be at liberty to take appropriate view in accordance with law. Accordingly, both the appeals are allowed for statistical purposes.
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