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PRINCIPAL COMMISSIONER OF INCOME TAX 1 Versus MAHENDRA M BHANUSHALI

2015 (12) TMI 1466 - GUJARAT HIGH COURT

Block assessment - Benefit of telescoping relating to cash actually found during the course of search - promissory note found during search - undisclosed income of the assessee - ITAT deleted addition - Held that:- All that has been done by the Commissioner (Appeals) is that the benefit of telescoping has been given to the assessee in relation to the cash that was actually found during the course of search, which view has been confirmed by the Tribunal. This court in the case of Commissioner of .....

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PEAL NO. 403 of 2015 - Dated:- 13-10-2015 - MS. HARSHA DEVANI AND MR. A.G.URAIZEE, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR B S SOPARKAR, ADVOCATE ORAL ORDER (PER: HONOURABLE MS.JUSTICE HARSHA DEVANI) 1 The appellant revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act ) has challenged the order dated 25th November, 2014 made by the Income Tax Appellate Tribunal, Ahmedabad Bench-B (hereinafter referred to as th .....

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July, 1998 a search came to be carried out at the premises of the respondent-assessee. During the course of the search, a promissory note, executed on 4th May, 1998 by one Shri N.P. Desai on behalf of one Shri Amratbhai Karsanbhai was found. In terms of the promissory note it appeared that cash loan of ₹ 50,00,000/- (rupees fifty lacs) has been received by Shri N.P. Desai on behalf of Shri Amratbhai Karsanbhai on 4th May, 1998. The search in this case was carried out on 1st July, 1998, tha .....

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nbhai came to be recorded, wherein he categorically denied such transaction. It, however, appears that Nishidhbhai, son of Amratbhai Karsanbhai admitted having signed the promissory note as N.P. Desai as well as having received ₹ 50,00,000/- in relation to some sale transaction which did not fructify on account of which he had returned the amount to the assessee. The Assessing Officer held that the assessee was found in possession of the promissory note, which clearly indicates that a cash .....

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ility of cash during the course of search, the assessee should be given telescoping of the amount of cash against the availability of cash. After considering the fact that during the course of search an amount of ₹ 29,45,000/- in cash had been found, the Commissioner (Appeals) accepted the explanation of the assessee to the extent of ₹ 29,45,000/- and restricted the addition made by the Assessing Officer to ₹ 20,55,000/-. Revenue carried the matter in appeal before the Tribunal .....

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merits, the assessee failed to furnish the name and address and Permanent Account Number of such persons, under the circumstances, the Assessing Officer was wholly justified in making addition of the entire amount as undisclosed income of the assessee. It was, accordingly, urged that the appeal deserves to be admitted on the questions as proposed or as may be deemed fit by this court. 4 On the other hand, Mr. B.S. Soparkar, learned advocate for the respondent placed reliance upon the decision i .....

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rom the premises of the assessee in relation to a cash loan of ₹ 50,00,000/- received by one Shri N P Desai on behalf of Shri Amrat Karsanbhai Desai on 4th May, 1988. During the course of the assessment proceedings as well as proceedings before the Commissioner (Appeals), the assessee did not disclose the identity and other details of the borrower. Subsequently, in the proceedings before the Tribunal, the assessee disclosed the name of the borrower, pursuant to which, the matter was remitt .....

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