TMI Blog2012 (3) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... s where he was a partner. In the assessment order, it was stated that during the search and seizure operation u/s 132 in the case of Shri shriram H. Soni on 20-7-2003, a large number of seized documents revealed the transactions recorded in the name of various persons. In the course of financing broking and money lending business of Shri Shriram Soni and his concerns. The seized documents vide BN 98 and 99 indicated advancement of cash loans by certain investors through Shri Shriram Soni or his concerns, and borrowing by some other persons from Shri Soni out of these cash loans from investors. The seized documents also showed blank promissory notes and blank undated cheques duly signed by the borrowers with the amounts and names mentioned, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee s name appeared in the seized documents in abbreviated or distorted form like Dugar R or D. Ratan , intended to conceal the identity of such persons. Though Shri Shriram Soni confirmed that he had borrowed these funds from the persons whose names were entered in the seized papers, he declined to identify such investors/persons in a concrete and a conclusive manner, citing threat to his life. In the assessment proceedings of Shri Shriram Soni, the Assessing Officer mentioned that there were plenty of direct and indirect evidences in these seized documents apart from the names, which indicated the identity of these persons. The impugned amount mentioned in the names of such investors was added in the assessment order of Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained investment u/s 69 of the Act and the interest amount of ₹ 7,792/- was added as unaccounted income during the year. In appeal, the CIT(A) following the decision of I.T.A.T. discussed above, dismissed the appeal of the assessee. The same has been opposed before us. 5. The learned AR pointed out that the name or the assessee appeared in the seized documents in abbreviated or distorted form (D. Ratan or Ratanlal Dugar). This was intended to conceal the identity of such person. Notice was issued/s 142(1) of the Act. In response to notice, the learned AR was requested to furnish his reply which has been relied upon by the Assessing Officer. Letter dated 26-11-2007 which has been summarized by the Assessing Officer in the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in question without giving statement of said Soni to the assessee. Facts remain that the statement of Shri Soni is the basis for making the addition in question because the search took place in the case of Soni. The said statement was requested by the assessee vide letter dated 26-11-2007. The assessee also asked for recorded version of the code words in the diary. The assessee also wanted the documents showing quantum of money advanced by the assessee and receipt of return of deposit at letter date. It was also specifically asked to call shri Soni in person to arrive at a conclusion if any money transactions recorded in the diary in code word. Though the statement of Shri Soni was called for from Assessing Officer but because of volumino ..... X X X X Extracts X X X X X X X X Extracts X X X X
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