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Pr. Commissioner Of Income Tax-1 Kanpur Versus Shri Pawan Kumar Gupta

2016 (2) TMI 408 - ALLAHABAD HIGH COURT

Addition on protective basis on account of coal business carried out by the assessee through the syndicate of Bhutoria Group - Held that:- On perusal of the records, statement recorded during the course of search at Kolkata and also the impugned seized computer sheets, it is seen that the said transactions as embodied in these seized document, actually represent the trading transactions of the ôsyndicate working as a unit and, therefore, the assessment of such income can be done only in the hand .....

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ppeal No. 16 of 2016 under Section 260-A of the Income Tax Act, 1961 against the judgement and order dated 20.8.2015 passed in I.T.A. No. 86/LKW/2012 (Assessment Year 2006-07) and Appeal No. 15 of 2016 under Section 260-A of the Income Tax Act, 1961 against the judgement and order dated 20.8.2015 passed in I.T.A. No. 54/LKW/2012 (Assessment Year 2005-06) passed by Income Tax Appellate Tribunal, Lucknow Bench B , Lucknow Heard learned counsel for the appellants and perused the impugned judgement .....

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and seizure action under Section 132 Income Act was taken place in the case of Sri Prakash Chandra Bhutoria at Kolkata, a person belonging to Bhutoria Group which was engaged in coal business. During the course of search and seizure operation, some computer printouts (three in number) from the business premises of this group was seized and with respect to the seized documents statement of Sri Prakash Chandra Bhutoria was recorded under Section 132 (4) of the Act and Sri Prakash Chandra Bhutoria .....

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pires that a search and seizure operation under section 132 of Income Tax Act was carried out on 13.3.2006 in the business-cum-commercial premises of the assessee at 15/86, Lathawali Khothi, Civil Lines, Kanpur. During the course of search and seizure operation various books of account, documents and loose papers were found and seized. Notice was issued to the assessee under Section 142 (1). In compliance of the notice, assessee filed return on 11.10.2007 declaring total income as ₹ 39,62, .....

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mium of purchase & sale of coal. ₹ 12,82,850/- 4 Addition on account of payments to the subagents for deposit with NCCF, Bhubbneshwar. ₹ 18,17,200/- 5 Addition on account of unexplained credit balance as on 31.3.2006 with NCCF, Kolkata. ₹ 12,63,760/- 6 Disallowance of expenditure for personal use under the head traveling, hotel exps, conveyance & telephone exps. ₹ 1,00,000/- Assessee preferred appeal against the assessment order dated 31.12.2007 before learned Com .....

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g Officer on protective basis on account of coal business carried out by the assessee through the syndicate of Bhutoria Group, without appreciating the fact that the Assessing Officer had given his finding on the basis of seized documents found during the course of search at the premises of Mr. Bhutoria and that on the basis of document PB-20, PB-17, the assessee received an amount of ₹ 55,83,300/-. Learned counsel also submitted that statement of Sri Bhutoria recorded at the time of searc .....

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