Ita/154/2016 Of M/S Om Commodity Brokers v. Commissioner Of Income Tax, Central Circle, Gurgaon And Anr

I N THE HI GH COURT OF PUNJAB AND HARYANA ATCHANDI GARH --I TA 154 2016 ( O&M)-Dat e of deci si on: 12. 07. 2016 M/ s Om Commodi t y Br oker s Ver sus . . . Appel l ant Commi ssi oner of I ncome Tax, Gur gaon and anot her . . . Respondent s CORAM: HON’ BLE MR. JUSTI CE S. J. VAZI FDAR, ACTI NG CHI EF JUSTI CEHON’ BLE MR. JUSTI CE DEEPAK SI BAL Pr esent : -Mr . M. R. Shar ma, Advocat e,f or t he appel l ant . * * * * S. J. VAZI FDAR, A. C. J. ( ORAL) Thi s i s an appeal agai nst t he or der of t he I ncome TaxAppel l at e Tr i bunal di smi ssi ng t he appel l ant / assesse’ s appealagai nst t he or der of t he CI T ( Appeal s) whi ch i n t ur n haddi smi ssed t he appel l ant ’ s appeal agai nst t he assessment or deri n so f ar as an amount of` 3, 79, 070/ - was t r eat ed as a par t oft he appel l ant ’ s i ncome. 2.The appel l antseeks t o r ai se t he f ol l owi ng subst ant i alquest i on of l aw: - “ Whet her on t he f act s and ci r cumst ancesof t he case t he I TAT er r ed i n uphol di ngt he addi t i on of` 3, 79, 070/ - bei ng t heamount of cash f ound dur i ng sear choper at i ons wi t h Shr i Raj Kumar Jal l anpar t ner of t he appel l ant par t ner shi p f i r mmor e so when t he same has been of f er ed byhi m i n hi s i ndi vi dual capaci t y t o t axt hr ough t he sur r ender made by hi m whi chhas been accept ed?” 3.I n our vi ew, a subst ant i al quest i on of l aw does notar i se. The mat t er onl y i nvol ves t he appr eci at i on of f act s. 4.The sear ch and sei zur e oper at i ons wer e conduct ed att he r esi dent i al pr emi ses of one Raj Kumar Jal l an who i s one oft he par t ner s of t he appel l ant . The sai d Raj Kumar Jal l an al socar r i es on busi ness i n t he f i r m nameand st yl e ofM/ s D. P. St ock Br oker s as t he sol e pr opr i et or t her eof . Dur i ngt he sear ch oper at i ons, an amount of` 3, 79, 070/ - was f ound i ncash of whi ch ` 3, 50, 000/ - was sei zed. The sai d Raj Kumar Jal l ancont ended t hat t he same per t ai ns t o hi s shar e i n t he f i r m’ sbusi ness and t he wi t hdr awal s wer e made by hi m. The Assessi ngOf f i cer , however , f ound t hat no document ar y evi dence waspr oduced dur i ng t he cour se of sear ch oper at i ons.The Assessi ngOf f i cer al so f ound a di f f er ence of` 3, 60, 357/ - i n t he books oft he sai d Raj Kumar Jal l an. The sai d Raj Kumar Jal l an admi t t edt he di f f er ence i n t he books and st at ed t hat t he cash f ounddur i ng t he oper at i ons bel onged t o t he assessee f i r m.As t hesai d Raj Kumar Jal l an bei ng a par t ner of t he assessee f i r madmi t t ed t he same, t he di f f er ence i n t he books was added backi n t he hands of t he sai d Raj Kumar Jal l an and t he cash f ound athi s r esi dence was assessed i n t hehands of t heappel l ant / assessee. 5.The appel l ant cont ends t hat t he sai d Raj Kumar Jal l anhad al r eady been subj ect t o t ax i n r espect even of t he cash andt hat t he same coul d not be br ought t o t ax i n t he hands of t heassessee. 6.The CI T ( Appeal s) and t he Tr i bunal f ound as a mat t erof f act t o t he cont r ar y. The assessment or der of t he sai dRaj Kumar Jal l an f or t he assessment year 2008- 2009 was exami nedand i t was hel d t hat wher eas t he di f f er ence i n t he books wasbr ought t o t ax i n t he sai d Raj Kumar Jal l an’ s hands, t he cashwas assessed i n t he case of t he f i r m. The par t ner havi ngAMODH SHARMA2016.07.14 16:52I attest to the accuracy andadmi t t ed t hat t he amount bel onged t o t he f i r m t he aut hor i t i esauthenticity of this documentchandigarh wer e j ust i f i ed i n t r eat i ng t he same as bel ongi ng t o t heappel l ant . 7. The appeal i s, t her ef or e, di smi ssed. ( S. J. VAZI FDAR)ACTI NG CHI EF JUSTI CE 12. 07. 2016Amodh ( DEEPAK SI BAL)JUDGE