TMI Blog2003 (3) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... in proceedings under the Income-tax Act. The statement incriminates several companies. The statement shows that Shri Manoj Agarwal was an entry operator. That his company, Friends Portfolio Pvt. Ltd., was the client of the petitioners. Therefore, we do not wish to interfere under article 226 of the Constitution. - The writ petition is rejected - - - - - Dated:- 12-3-2003 - Judge(s) : S. H. KAPADIA., J. P. DEVADHAR. JUDGMENT The judgment of the court was delivered by S.H. KAPADIA J.-A search and seizure operation, under section 132, was conducted on August 3, 2000, in the case of Shri Manoj Agarwal and his associate concerns. The papers found during the course of search and the investigation done during the assessment proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f shares. The simple modus operandi was that certain mediators had given to me, bogus profit entries. That the mediators used to approach me with cheques, drawn in favour of Friends Portfolio Pvt. Ltd. These cheques were deposited in the bank account and cash was handed back to the mediators." In view of the above statement of Shri Agarwal, the Commissioner of Income-tax, Central-II New Delhi, granted concurrence to the proposal made by the Director-General of Income-tax (Investigation) for centralisation of the cases concerning the above parties, including the petitioner, which is the subject matter of challenge in this petition. In the meantime on August 29, 2002, block assessment was done by the Income-tax Department under section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in this case, we are not going into the merits of the case. The only narrow issue which we have to decide is whether the court should interfere under article 226 of the Constitution in this case, in which the Department has centralised the cases concerning various companies. We are not inclined to interfere. Firstly, the statement given by Manoj Agarwal, director of Friends Portfolio Pvt. Ltd., has an evidentiary value. A weightage is required to be given to such statement by the assessing authorities in proceedings under the Income-tax Act. The statement incriminates several companies. The statement shows that Shri Manoj Agarwal was an entry operator. That his company, Friends Portfolio Pvt. Ltd., was the client of the petitioners. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
