9911796707
TMI Blog2008 (4) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years 2000-01, 2001-02, 2002-03 and 2003-04, demand notices were issued to the petitioner on March 31, 2006. In terms of the demand, notices, the petitioner was to make payment within a period of 30 days from the date of service of the notice. As the petitioner had not paid the assessed tax till May 16, 2006, a letter was issued, on May 16, 2006, by the Department concerned requesting the petitioner to pay the assessed income-tax within ten days of the receipt of the said letter. Responding to this letter, the petitioner submitted a representation, on May 29, 2006, to the Income-tax Office at Nagaori, stating, inter alia, that she had preferred an appeal against the orders of assessments aforementioned. By a letter issued, on Jun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eized. From the lockers maintained at the United Bank of India, several KVPs, NSCs and other valuable securities, in the form of bond, held by the petitioner and her husband were seized. Following such search and seizure, the statements of the petitioner and her husband were recorded. In the statements, so recorded, it was admitted by the petitioner's husband that the assets held and maintained in the name of Minu Acharjee, Nibeta Acharjee and Minakshi Acharjee belong to the same person, namely, Smt. Nandita Acharjee, i.e., the writ petitioner. Rest of the assets found, at the said lockers, were either held in the name of the petitioner or in the name of the petitioners husband, who is the constituted attorney of the petitioner in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition was pending, the petitioner applied to the Joint Commissioner of Income-tax seeking release of some of the KVPs and NSCs on the ground that those were pledged articles and as the loanees had repaid their loans, the securities, lying in the form of KVPs and NSCs, were required to be returned to the loanees. By a letter, dated May 25, 2007, the Department concerned informed the petitioner that the Department is not in a position to release the materials as these materials were required for correctly making the assessment. By this letter, dated May 25, 2007, the respondents also contended that in terms of section 132(4A) (i) of the Act, where any books of account or other documents are found in the possession or control of any person in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held in the name of the persons aforementioned, too belong to the present petitioner and none else. All these assets are required to be verified and examined by the respondents and till the above exercise is completed, it would be premature to conclude that the KVPs and NSCs, in question, belong to the customers as contended by the petitioner. The further case of the respondents is that the Assessing Officer is authorized to hold the seized materials till the date not exceeding 30 days from the date of the assessment order for the block period as prescribed in the Act. The last date for completion of the assessment, in the present case, is December 31, 2008. In case there is reason to retain the searched materials beyond the period as stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocuments, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person in the course of a search, it may be presumed— (i) that such books of account, other documents, money, bullion, jewelllery or other valuable article or thing belong or belongs to such person." 8. From a bare reading of section 132(4A) (i), what clearly transpires is that any books of account, other documents, money, bullion, jewellery or other valuable article is found in the possession and control of any person in the course of search, it may be presurtied that the valuable articles belong to such person. In the present case, when the KVPs and NSCs were recovered from the possession and control of the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ma Dhar, Dipika Dhar, Supriya Mishra and Uma Mazumdar. 11. While considering the decision in Alleppey Financial Enterprises [1999] 236 ITR 562 (Ker), what needs to be pointed out is that in Alleppey Financial Enterprises [1999] 236 ITR 562 (Ker), the assets, in question, admittedly, belonged to persons other than the one, who was being proceeded against for not disclosing complete income. As against the facts of the case of Alleppey Financial Enterprises [1999] 236 ITR 562 (Ker), the respondents do not admit, in the present case, that the KVPs and NSCs, which are in the name of Smt. Sima Dhar, Dipika Dhar, Supriya Mishra and Uma Mazumdar, belong to the persons in whose name the KVPs and NSCs stand; rather, the respondents' case is that tho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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