Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The Commissioner of Income Tax-11, Mumbai Versus Dr. Avinash C. Tiwari

2016 (9) TMI 264 - BOMBAY HIGH COURT

Unexplained investment u/s 69B - Applicability of Sections 64 and 65 - clubbing of income - assessee's wife and son are the Directors of M/s. Avis Motors Pvt. Ltd. - Held that:- We are unable to understand the grievance of the Revenue before us. This was not the case of the Revenue at any time right upto the Tribunal. This is also not a ground taken in the memo of appeal. Therefore, this issue does not arise from the impugned order of the Tribunal. - We find that both the CIT(A) as well as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l on the part of the respondent assessee of the document has not been addressed to by the Revenue. - No additions - Decided against the revenue. - Income Tax Appeal No. 176 of 2014 - Dated:- 29-8-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Charanjeet Chanderpal a/w Ms. Madhuri Gaikwad for the appellant Mr. Ajaykumar R. Singh for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 19th June, 2013 passed by the Incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hen the transactions were specific and speaking ? 3. The respondent assessee is a Doctor by profession. On 5th October, 2007, a search and seizure operation was carried out in the premises of Mr. Haren Choksi and Mr. Harshil Choksi (Choksi's). In the search operation carried on Choksi's, certain loose papers and documents were seized. One such document was a loose paper No.165 (the document) wherein certain transactions were noted pertaining to investment in Avis Motors (P) Ltd. of ͅ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ondent assessee in response, pointed out that these papers were not prepared by him, did not belong to him and none of the statements contained in the document was accepted by him. Notwithstanding the above stand of the respondent assessee, the Assessing Officer proceeded to rely upon the document to conclude that it indicated investment made by the respondent assessee in Avis motors Pvt. Ltd. and brought it to tax as unexplained investment under Section 69B of the Act. 4. Being aggrieved, the r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in his order dated 3rd September, 2010 also records the fact that at the highest the reading of the document would only indicate that ₹ 4.22 crores is to be contributed and cannot led to the conclusion that an amount of ₹ 4.22 crores had in fact been invested by the respondent assessee in M/s. Avis Motors Pvt. Ltd. as alleged by the Revenue. The reliance by the Assessing Officer on the statement of Mrs. Kailash Tiwari (Wife of respondent) that amount of ₹ 1.54 crores as shown .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the Revenue carried the issue in appeal to the Tribunal. The Tribunal on consideration of the facts records the following undisputed facts. (a) The search and seizure operations were conducted on strangers; (b) The paper relied upon by the AO was found from the premises searched; (c) No mention of any statement having recorded, either of the assessee or the assessee's son and wife. (d) Avis Motor, Kailash Tiwari and Anand Tiwari have accepted the investments made by them in their assessments .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version