9911796707
TMI Blog2023 (11) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal') dated 13.06.2022 for the Assessment Years 2006-2007 & 2007-2008. 2. The Tribunal had allowed the appeals on 13.06.2022 by a common order of the assessee bearing ITA Nos. 54 & 102/ASR/2019 by coming to the conclusion that the amounts deposited in the foreign bank account was by the nephew of the assessee namely Rajinder Singh Chatha, who was residing in U.K who was the beneficiary of the account. It was noticed that the name of the assessee was closed in the account on 11.06.2004 and the correspondence of the assessee was also blocked from that date. M/s Sauvignon Holdings Ltd. was introduced on 07.04.2004 as beneficial owner and resultantly a finding was recorded that the name of the assessee had been withdrawn prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the name of Sh. Joginder Singh Chatha and the GBP-denominated account No. 11276695 being a Swiss (Geneva) Account containing the impugned transactions which have not been disclosed in the disclosure report is insufficient to decide that the amounts transacted are not properly explained or shown to be genuine and therefore to be brought to tax under the statute in the hands of the Respondent. ii) Whether on the facts and in the circumstances of the case, the Ld. Income Tax Appellate Tribunal has erred on facts and in law wherein multiple factual and legal inconsistencies have occurred, including the lack of any confirmation from Shri Rajinder Singh Chatha and M/s Sauvignon Holdings Ltd and sans any further investigations as to the real ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of Rs. 9,500/- alongwith agricultural income of Rs. 2,00,000/- for the assessment year 2006-2007. Similarly for the assessment year 2007-2008 he showed his income of Rs. 11,500/- alongwith agricultural income of Rs. 2,50,000/-. 5. The defence as such in response to the notice dated 22.12.2014 issued under Section 142 (1) of the Act was that he had visited U.K three times in the year 1985, 2006 and 2012 and had not opened any type of account in the U.K or any other country. He was an agriculturist and totally illiterate and permanent resident of village Dhandowal, Tehsil Shahkot. The bank account in HSBC Bank, Geneva was not his and he had not visited the bank for opening of any type of account. He alleged that his nephew was residi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onth to 2 months. A finding was recorded that defence had not been substantiated with evidence and he was unable to produce his nephew or any other evidence to prove the source of deposits in the bank account. Accordingly, income was held to be income from unexplained sources. 7. The claim of the assessee regarding closure of the profile w.e.f. 11.06.2004 was rejected on the ground that closure of profile does not mean closure of bank account, since the said modification was made on 31.07.2004 and therefore, the contention that account having been closed on 11.06.2004 was held to be incorrect. The onus lay upon the appellant under the provisions of Section 69/69A of the Act, which apparently had not been discharged even in the course of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amounts were deposited by the assessee, as the account was opened on 25.03.2003. Apparently the first visit of the assessee was in the year 1985 was to U.K. and there was nothing on record that at the time of his visit abroad he had opened the said account in Geneva. It is the case of the assessee that his nephew had got his signatures on some papers. The second visit was in the year 2006 and third visit was in the year 2012. The profile of the bank as such would go on to show that name of the assessee was struck off from the said account on 11.06.2004, even prior to his visit in the year 2006 and notice was issued in the year 2014. We are of the considered opinion that the explanation offered by the assessee regarding the amounts belonging ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10. 69. Unexplained investments.-Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the [Assessing Officer], satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year." 10. A perusal of the same would go on to show that only in the absence of explanation about the nature ..... X X X X Extracts X X X X X X X X Extracts X X X X
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