1975 (1) TMI 39

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..... e two constituents of the said body, the two constituents can very well satisfy themselves that other in whom they place the ownership of the money also pays in full their tax liability because the liability is only adjusted, with even surplus left over, from the amount which the IT Department by its timely action brought it within its custody. Yet with great gusto the constituents argued before us that the assessment in this case has got to be cancelled. What benefit they gain by such cancellation or what disability they suffer by confirmation is beyond the realm of our comprehension. At least with regard to the disability we are emboldened to say so because we ourselves have on a previous occasion cancelled the penalties imposed on these .....

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..... cured control of the seized money and got it into the custody of the IT Department. What happened to the jeep, we do not know. 3. In assessment proceedings against these two, they pleaded, besides the plea that they did not constitute a BOI that so far as they know the amount belongs to one. Mr. Velayudhan of Ernakulam. It appears much later Mr. Velayudhan had filed a claim petition before the Customs authorities for return of the money. We do not know what has happened to that application. For this assessment proceedings it is sufficient for us to state that the specific plea of the constituents was that they have nothing to do with the money, that they were not aware that the amount was concealed in the vehicle they drove and that there .....

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..... inst the background set out in the prefatory observations of ours we need only confirm the assessment order and dismiss the appeal. Any detailed discussion on the merits and demerits of the assessment will be only of an academic nature and will serve no purpose. It has to practical value. 5. The apprehension in the mind of the counsel for the assessee is out of place. The fact that the ITO in assessment proceedings against these two people assessed this amount as the income of the two constituents and adjusted the tax liability on such income against the amount kept by the Department in its custody will not in any way deprive the right of the real owner, if any, whether Velayudhan or some other person, whoever it might be. Their rights, i .....

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