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2016 (9) TMI 264 - BOMBAY HIGH COURT

2016 (9) TMI 264 - BOMBAY HIGH COURT - TMI - 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. .....

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respondent assessee at all times. This denial 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 or .....

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entioned in the seized document Page No.165 when 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 t .....

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ectors of M/s. Avis Motors Pvt. Ltd. The respondent 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 Sect .....

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nt assessee. Dehors the aforesaid, the CIT(A) 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) .....

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ing Officer was deleted. 5. Being aggrieved, 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 .....

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he inference of any investment of ₹ 4.22 crores being made by the respondent assessee. Further, the reliance on the statement of respondent assessee's wife of receiving ₹ 1.24 crores from one Mr. Bhupendra would not in any manner support the allegation that the respondent assessee had made an investment of ₹ 4.22 crores in Avis Motors Pvt. Ltd. On these facts, the Tribunal dismissed the Revenue's appeal upholding the order of the CIT(A). 6. The Revenue's grievance b .....

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