9911796707
Advanced Search 
TMI Blog2017 (9) TMI 1843X X X X Extracts X X X X X X X X Extracts X X X X ..... ment year 2002-03. Therefore, we heard both the appeals together and disposing of the same by this common order. 2. Dr. U. Anjaneyalu, the Ld. Departmental Representative, submitted that on the basis of information received from Revenue authorities, it was found that the assessee has deposited / invested in favour of Webster Foundation, Vaduz in the bank account maintained with LGT Bank in Liechtenstein, Vaduz. According to the Ld. D.R., the quantum addition made by the Assessing Officer to the extent of Rs. 2,26,38,372/- under Section 69 of the Income-tax Act, 1961 (in short 'the Act') was confirmed by this Tribunal. 3. The Ld. Departmental Representative further submitted that the Assessing Officer has also initiated penalty p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant point of time. Therefore, by applying the currency rate applicable as on 31.12.2001, the Assessing Officer added an amount of Rs. 2,26,38,372/-. The assessee, during the course of assessment proceeding, accepted and paid the taxes also, therefore, the CIT(Appeals) confirmed the penalty levied by the Assessing Officer. According to the Ld. D.R., the Assessing Officer levied the penalty at the rate of 300%. However, the CIT(Appeals) restricted the same to 100%. According to the Ld. D.R., the assessee transferred the funds to foreign account and deposited in LGT Bank in Liechtenstein Aktiengesellschaft, Vaduz, therefore, this is a grave/ worst offence wherein the Indian economy was transferred to foreign country in an illegal man ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on either side and perused the relevant material available on record. On the basis of information said to be received by the Revenue authorities, it was found that the assessee has deposited funds in the name of Webster Foundation at LGT Bank in Liechtenstein, Vaduz, to the extent of Rs. 1.23 lakh Euro currency. A declaration of endowment was said to be made by the assessee on 24.03.2000. The amount was transferred to the credit of Webster Foundation in Account No.01635517AA maintained with LGT Bank in Liechtenstein, Vaduz. The Assessing Officer found that the declaration of endowment was signed by the assessee. In the assessment order, the Assessing Officer has reproduced the entire information said to be received regarding the dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal. This Tribunal found that it is for the assessee to establish when the investment / deposit was made in LGT Bank in Liechtenstein Aktiengesellschaft, Vaduz. Once the assessee furnished details, then the burden of proof will be shifted on the shoulder of Revenue. Since the assessee has not furnished any details about the date on which the balance amount was deposited, the presumption is it was deposited in the year it was found by the authorities. This is what exactly held by this Tribunal in the quantum appeal in I.T.A. No.870/Mds/2011. 9. We are conscious that assessment proceeding and penalty proceeding are different and independent. The authorities are expected to re-appreciate the material available on record in the pen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
