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TMI Blog2012 (7) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... y 31, 2011 and personally attend on June 15, 2011 so as to complete assessment for the period April 1, 1986 to January 30, 1997: (b) a direction to the respondents to release the cash, jewellery and silver utensils seized during search proceedings on January 30, 1997 under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as the 'said Act'). 2 During the course of search of the petitioner's premises on January 30, 1997, jewellery, silver utensils and cash amounting to Rs.150,000/were seized. Consequent to the search, block assessment proceedings for the period April 1, 1986 to January 30, 1997 under Section 158BC of the Act were commenced. On March 26, 1999 the Assessing Officer passed an order under Section 158BC re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the said parties have made the disclosure under the VDIS. The issue before us is as to how the nature and source of the items in question is explained. Mere declaration by third parties may not be sufficient unless the assessee also establishes as to how the items in question reached the assessee from third parties and consequentially found in his possession at the time of search. The presumption u/s. 132 (4A) that the valuables found in possession or control of a raidee in the course of a search belong to him is a rebuttable presumption. The assesee must therefore adduce satisfactory evidence to rebut that presumption. In our view, the entire issue needs further examination to establish as to whether the items in question belong to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income Tax Appellate Tribunal dated April 10, 2006 are pending before the Assessing Officer. The petitioner, instead of attending the hearing and leading evidence in support of his claim, is seeking to avoid the hearing. It ill comes from such a person to complain of delay. 7 In the circumstances, the petition cannot be entertained. However, we direct that in case the petitioner has any evidence to lead he should file the same within one month from the date of this order before the Assessing Officer. Thereafter, he should attend the personal hearing either by himself or through his duly authorized representative as and when the matter is fixed for hearing by the Assessing Officer. The Assessing Officer is requested to dispose of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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