M/s Essence Commodities Ltd., Indore V. The ACIT 1(1), Indore

CO 26/IND/2012

• Counselvise Citation: [2013] 122 COUNSELVISE.COM (IT) 8924 (ITAT-INDORE)
• Duration Of Justice: 1 year(s) 4 month(s) 3 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 23-08-2013
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 20-04-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MRIDULA BAJPAI
• Keywords: Reopening of assessment; Gift; Search and seizure; Charitable institution; Principle of natural justice; Period of limitation; Additional evidence; Fair market value; Deemed dividend; Block assessment; Time period of passing order; Reassessment proceedings
• Section: 143(3); 153A; 133(6); 147; 131; 148; 132

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , INDORE BENCH, INDORE BEFORE SHRI JOGINDER SINGH, J.M. AND SHRI R.C.SHARM A, A.M. PAN NO. : AAACE3879L I.T(SS).A.NOS. 72 TO 78 /IND/201 2 A.YS. : 2003-04 TO 2009-10 ACIT, 1(1), INDORE. VS. M/S. ESSENCE COMMODI TIES LTD., 630, USHA NAGAR EXTENSION, INDORE APPELLANT RESPONDENT C.O.NOS. 24 TO 26/IND/2012 AND 28/IND/2012 (ARISING OUT OF I.T(SS).A.NOS. 72, 76, 77 AND 75/IND/2012) A.YS. : 2003-04, 2007-08, 2008-09 AND 2006 -07 M/S. ESSENCE COMMODITIES LTD., 630, USHA NAGAR EXTENSION, INDORE VS. ACIT, 1(1), INDORE. CROSS OBJECTOR RESPONDENT I.T(SS).A.NOS. 13 AND 14/IND/2012 A.YS. : 2004-05 AND 2005-06 M/S. ESSENCE COMMODITIES LTD., 630, USHA NAGAR EXTENSION, INDORE VS. ACIT, 1( 1), INDORE. -: 2: - 2 DEPARTMENT BY : SMT. MRIDULA BAJPAI, CIT DR ASSESSEE BY : SHRI PRAKASH JAIN, C. A. DATE OF HEARING : 29 . 0 7 .201 3 DATE OF PRONOUNCEMENT : 23 . 0 8 .201 3 O R D E R PER R. C. SHARMA, A.M. THESE ARE THE APPEALS FILED BY THE REVENUE AND ASSE SSEE AND CROSS OBJECTIONS BY THE ASSESSEE AGAINST THE OR DER OF CIT(A) FOR THE ASSESSMENT YEARS 2003-04 TO 2009-10 IN THE MATTER OF ORDER PASSED U/S 153A READ WITH SECTION 1 43(3) OF THE INCOME-TAX ACT, 1961. 2. FACTS IN BRIEF ARE THAT A SEARCH U/S 132 WAS CARRIE D OUT T THE ASSESSEES PREMISES ON 02.05.2008. THE AS SESSEE IS A BROKER IN COMMODITY EXCHANGE. IT HAS DERIVED PROFIT THROUGH TRANSACTIONS WITH VARIOUS COMMODITY EXCHANGES SUCH AS MULTI COMMODITY EXCHANGE OF INDIA LIMITED (MCX) AND NATIO NAL BOARD OF TRADE (N.B.O.T.) ON ITS OWN BEHALF AND ALS O ON BEHALF OF ITS CLIENTS. AS REGARDS TO ITS TRANSACTIONS IN N BOT, IT WAS OBSERVED THAT ITS CLIENTS NAME DID NOT APPEAR IN TH E RECORDS OF -: 3: - 3 THE EXCHANGE, AND THE ENTIRE TRADE THROUGH EXCHANGE WAS MADE IN THE NAME OF THE ASSESSEE. THE PROFIT DERIVE D THROUGH SUCH TRANSACTIONS, HOWEVER, WAS APPORTIONED BETWEEN THE ASSESSEE AND THE CLIENTS. THE OFFICERS OF THE INVES TIGATION WING AT THE TIME OF SEARCH AND ALSO THE ASSESSING OFFICE R AT THE TIME OF ASSESSMENT PROCEEDINGS APPREHENDED THE DIVERSION OF PROFITS BY THE ASSESSEE IN THE NAME OF SUCH CLIENTS . THEREFORE, THE ASSESSING OFFICER ASKED THE ASSESSEE TO PROVE T HE GENUINENESS OF THE TRANSACTIONS RECORDED IN THEIR O WN BOOKS OF ACCOUNTS IN THE NAME OF VARIOUS CLIENTS AND THEREBY THE TRANSFER OF PROFITS TO THEM. AFTER EXAMINING THE IS SUE THE ASSESSING OFFICER DID NOT ACCEPT THE ASSESSEES VER SION AND ADDED THE PROFIT, WHICH WAS TRANSFERRED TO THE VARI OUS CLIENTS, TO THE TOTAL INCOME OF THE ASSESSEE. 3. BY THE IMPUGNED ORDER, THE LD. CIT(A) DELETED THE ADDITION AFTER HAVING THE FOLLOWING OBSERVATIONS :- 4.2.1 THE FACTS OF THE CASE, AS NARRATED IN PARA 2 ABOVE, ARE THAT THE ASSESSEE IS A BROKER IN COMMO DITY EXCHANGE. IT HAS DERIVED PROFIT THROUGH TRANSACTION S WITH VARIOUS COMMODITY EXCHANGES SUCH AS MULTI -: 4: - 4 COMMODITY EXCHANGE OF INDIA LTD.(MCX), NATIONAL COMMODITY & DERIVATIVE EXCHANGE LTD. (NCDS) AND NATIONAL BOARD OF TRADE (NBOT) ON ITS TRANSACTIONS IN NBOT, IT WAS OBSERVED THAT ITS CLIENTS NAME DID NOT APPEAR IN THE RECORDS OF THE EXCHANGE, AND THE ENTI RE TRADE THROUGH EXCHANGE WAS MADE IN THE NAME OF THE ASSESSEE. THE PROFIT DERIVED THROUGH SUCH TRANSACTI ONS, HOWEVER, WAS APPORTIONED BETWEEN THE ASSESSEE AND THE CLIENTS. THE OFFICERS OF THE INVESTIGATION WING AT THE TIME OF SEARCH AND ALSO THE ASSESSING OFFICER AT TH E TIME OF ASSESSMENT PROCEEDINGS APPREHENDED THE DIVERSION OF PROFITS BY THE ASSESSEE IN THE NAME OF SUCH CLIE NTS. THEREFORE, THE A.O. ASKED THE ASSESSEE TO PROVE THE GENUINENESS OF THE TRANSACTIONS RECORDED IN THEIR O WN BOOKS OF ACCOUNTS IN THE NAME OF VARIOUS CLIENTS AN D THEREBY TRANSFERRED PROFITS T THEM. IN THE PROCESS, THE ASSESSEE MADE A REFERENCE TO THE RANGE HEAD CONCERN ED (I.E. ADDL. CIT RANGE 1, INDORE SEEKING HIS DIRECTI ON TO THE A.O. TO ACCEPT THE ASSESSEES VERSION AS REGARD S TO THE PROFIT TRANSFERRED TO SUCH NON- REGISTERED CLIE NTS. -: 5: - 5 AFTER EXAMINING THE ISSUE, THE RANGE HEAD FURTHER DIRECTED THE A.O. TO CALL FOR THE NAME S AND COMPLE TE ADDRESSES OF THE CLIENTS, EVIDENCE IN SUPPORT OF PA YMENT BY THE ASSESSEE IN RESPECT OF PROFIT (PASSED ON TO THE CLIENTS), EVIDENCE IN SUPPORT OF ACCOUNTING OF THE SAID PROFIT BY THOSE NON-MEMBER CLIENTS AND DISCLOSURE I N THEIR RESPECTIVE RETURN OF INCOME. 4.2.2. IN VIEW OF SUCH DIRECTIONS OF THE RANGE HEAD U/S 144A, THE A.O. ASKED ASSESSEE TO FURNISH EVIDEN CE IN SUPPORT OF IDENTITY OF THE CLIENTS (TO WHOM PROF IT WAS TRANSFERRED) ALSO WITH THE EVIDENCE OF RECOGNITION OF CORRESPONDING INCOME BY SUCH CLIENTS IN THEIR RESPE CTIVE RETURNS OF INCOME. IN RESPONSE THEREOF, THE ASSESSE E FURNISHED THE COPIES OF CONFIRMATIONS IN RESPECT OF SOME OF SUCH CLIENTS, WHICH WERE RATHER COPIES OF LEDGER ACCOUNT AS APPEARING IN ASSESSEES BOOKS ON WHICH SIGNATURES OF THOSE CLIENTS WERE OBTAINED. THE ASSE SSEE HAD ALSO CONTENDED BEFORE THE A.O. THAT THE FUNDS H AD MOVED THROUGH BANKING CHANNELS BY WAY OF ACCOUNT -: 6: - 6 PAYEE CHEQUES. IN THAT REGARD THE COPIES OF RELEVAN T BANK STATEMENTS WERE ALSO FILED. BUT , THE RETURNS OF INCOME OF THE CLIENTS, WHICH WAS ASKED FOR IN SUPPO RT OF RECOGNITION OF THE CORRESPONDING INCOME BY THOSE CL IENTS, WAS NOT FURNISHED. THE A.O. WAS OF THE VIEW THAT IN ABSENCE OF THE RELEVANT ITRS OF THOSE CLIENTS, THE CRUCIAL FACTOR RELATING TO RECOGNITION OF INCOME BY SUCH CL IENTS COULD NOT BE ADJUDGED FROM THE SAID BANK STATEMENTS . THE ASSESSEE HAD ALSO COME FORWARD WITH A PLEA THAT THE BROKERAGE CHARGED BY THE ASSESSEE WAS DULY OFFERED IN ITS RETURN. THE A.O. HOWEVER DID NOT FIN D SUCH PLEA TO HAVE ANY RELEVANCE WITH THE ISSUE OF TRANSF ER OF PROFITS TO THE CLIENTS. IN THE FACTS OF THE CASE, T HE A.O. HELD THAT THE ASSESSEE HAD FAILED TO ESTABLISH THE PASSING OF PROFIT TO THE VARIOUS CLIENTS AND THE DISCLOSURE OF CORRESPONDING INCOME BY THOSE CLIENTS IN THEIR RESPECTIVE RETURNS AND ACCORDINGLY HE ADDED T HE ENTIRE PROFIT, WHICH WAS PASSED ON TO THE VARIOUS C LIENTS AS PER THE ASSESSEES BOOKS OF ACCOUNTS, TO THE TOT AL INCOME OF THE ASSESSEE. -: 7: - 7 4.2.3 DURING THE APPEAL PROCEEDINGS, DETAILED SUBMISSIONS HAVE BEEN MADE WHICH HAVE BEEN REPRODUCED IN PARA 3 ABOVE. IT HAS BEEN PLEADED THA T ALL THE CLIENT ARE GENUINE AND FUNDS WERE TRANSFERRED BETWEEN THE ASSESSEE AND THOSE CLIENTS THROUGH BANKING CHANNELS ONLY; AND THAT MERELY ON ACCOUNT O F FAILURE FOR HAVING REGISTERED THOSE CLIENTS IN THE RECORD OF NBOT, THE INCOME OF THOSE CLIENTS CANNOT BE ADDED T O ITS INCOME . IT IS EXPLAINED THAT ASSESSEE HAD ALSO TAK EN PART IN THE SPECULATIVE BUSINESS THROUGH THE OTHER EXCHANGES NAMELY, MCX AND NCDX AND IN ACCORDANCE WITH THE RULES AND REGULATIONS OF THOSE EXCHANGES, IT HAD GOT ITS CLIENTS (THOSE WHO HAD DONE TRADING THR OUGH THE ASSESSEE BROKER IN MCX AND NCDX) REGISTERED IN THOSE EXCHANGES; AND NO ADVERSE VIEW WAS TAKEN AS REGARDS TO THE PROFITS TRANSFERRED TO THOSE CLIENTS . THE ASSESSEE ALSO ACCEPTED THAT AS PER THE RULES AND REGULATIONS OF NBOT, IT WAS REQUIRED TO GET ITS CLI ENTS REGISTERED IN THAT EXCHANGE ALSO, BUT THIS WAS NOT DONE SO BY AND LARGE BY ALL THE BROKERS BECAUSE THE EXCH ANGE -: 8: - 8 (NBOT) DID NOT ENFORCE THE REGISTRATION; AND THE RE SULT WAS THAT THOUGH THE NAME OF CLIENTS (FOR WHOM THE ASSESSEE HAD TRANSACTED I.E. SAUDA WAS EFFECTED IN NBOT) DID APPEAR IN ITS BOOKS OF ACCOUNTS BUT THE S AME WAS NOT RECORDED IN NBOTS RECORDS. FOR THIS REASON , ENTIRE PAY-IN AND PAY-OUT IN THE NBOT WAS RECORDED IN THE NAME OF THE ASSESSEE ONLY, WHEREAS, THE FINANCI AL RECORDS OF THE ASSESSEE DID REFLECT THE CORRESPONDI NG TRANSACTIONS AND THE LEDGER ACCOUNTS OF ALL THOSE C LIENTS. IT WAS PLEADED THAT BROKERAGE WAS DULY CHARGED ON SUCH TRANSACTIONS. DURING THE PROCEEDINGS, NEVERTHELESS, THE ASSESSEE FURTHER COLLECTED THE CONFIRMATIONS AND / OR ITRS OF SOME OF THE CLIENTS IN SUPPORT OF ITS CLAIM THAT ALL ITS CLIENTS WERE GENU INE AND THE PROFIT PASSED ON TO THEM WERE ALSO REFLECTED BY THEM IN THEIR ITRS. IT HAS BEEN ALSO SUBMITTED THAT INSP ITE OF THEIR BEST EFFORT, THEY COULD NOT COLLECT THE ITRS OF ALL ITS CLIENTS FOR THE REASONS THAT MOST OF THE PERSONS AR E HESITANT TO PROVIDE SUCH DOCUMENTS. THE ASSESSEE MA DE A REQUEST TO ADMIT ALL THOSE DOCUMENTS AS ADDITIONA L -: 9: - 9 EVIDENCE UNDER RULE 46A. THE APPLICATION OF THE ASSESSEE TOGETHER WITH THE ENCLOSURES (ADDITIONAL EVIDENCES) IN THIS REGARD WAS SENT TO THE A.O. VIDE THIS OFFICE LETTER DATED 18.07.2011 AND 08.11.2011 FOR H IS COMMENTS. A COPY OF THE WRITTEN SUBMISSIONS WAS SEPARATELY SENT TO THE A.O. VIDE THIS OFFICE LETTER DATED 18.07.2011 FOR HIS COMMENTS. HOWEVER, SO FAR NO COMMENTS HAS BEEN RECEIVED EITHER ON THE WRITTEN SUBMISSION OR ON THE ISSUE OF ADMISSIBILITY OF ADDI TIONAL EVIDENCES UNDER RULE 46A. IN ITS APPLICATION, THE ASSESSEE HAD TAKEN PLEA THAT DURING THE ASSESSMENT PROCEEDINGS, THOSE CONFIRMATIONS, ITRS COULD NOT BE RECEIVED FROM THE CONCERNED CLIENTS INSPITE OF ITS REPEATED REQUEST AND AS SUCH THE ASSESSEE WAS PREVENTED BY SUFFICIENT CAUSE TO FURNISH THOSE DOCUMENTS BEFORE THE A.O. I HAVE CONSIDERED THE APPLICATION SO MADE BY THE ASSESSEE FOR ADMISSION O F ADDITIONAL EVIDENCES. I FIND THAT THESE DOCUMENTS I N THE FORM OF ADDITIONAL EVIDENCES WERE NOT IN THE POSSES SION OF THE ASSESSEE, RATHER THEY HAD TO COLLECT IT FROM ITS -: 10: - 10 CLIENTS; THE ASSESSEE COULD COLLECT THESE DOCUMENTS WITH LOT OF DIFFICULTY BUT AFTER THE COMPLETION OF ASSES SMENT. IN VIEW THEREOF, I AGREE WITH THE ASSESSEES PLEA T HAT IT WAS PREVENTED BY SUFFICIENT CAUSE TO FURNISH THOSE DOCUMENTS BEFORE THE A.O. ACCORDINGLY, I ADMIT THES E DOCUMENTS AS ADDITIONAL EVIDENCES. 4.2.4 BASED ON THE CONFIRMATION/ ITRS FURNISHED EITHER BEFORE THE A.O. OR BEFORE ME (AS ADDITIONAL EVIDENCE), I HAD ASKED ASSESSEE TO COMPILE THE RELE VANT INFORMATION SUCH AS NAME AND ADDRESS OF THE CLIENTS , PAN, THE AMOUNT OF PROFIT/LOSS TRANSFERRED TO THE C LIENT, THE GROSS TOTAL INCOME AND THE INCOME FROM SPECULAT ION BUSINESS (I.E. NBOT PROFITS) SHOWN BY THE CLIENTS I N THEIR RETURNS. THE REQUIRED COMPILATION HAS BEEN MADE BY PREPARING THREE SEPARATE TABLES. THE TABLE-A CONTAI NS THE LIST OF ALL THE CLIENTS, THEIR ADDRESS, PAN AND THE AMOUNT OF PROFIT/ LOSS TRANSFERRED BY THE ASSESSEE TO THOSE CLIENTS. THE TABLE-B CONTAINS THE LIST OF THO SE CLIENTS FOR WHOM CONFIRMATION COULD BE FILED, WHERE AS -: 11: - 11 THE TABLE-C CONTAINS THE LIST OF THE CLIENTS IN RES PECT OF WHICH CONFIRMATION AND ITRS BOTH WERE FILED. THE TA BLE- C ALSO CONTAINS THE INFORMATION AS REGARDS TO THE G ROSS TOTAL INCOME AND THE INCOME FROM SPECULATION BUSINE SS SHOWN BY SUCH CLIENTS IN THEIR RETURNS. THE INFORMA TION HAS BEEN COMPLIED ASSESSMENT YEAR-WISE. I HAVE TEST CHECKED THE CONTENTS OF THESE TABLES WITH REFERENCE TO THE CONFIRMATIONS / ITRS. THE RELEVANT TABLES ARE A S UNDER: 4. TABLE-A: COMPLETE LIST OF ALL THE CLIENT A.Y. 2003-04 SL NO. NAME OF THE CLIENT ADDRESS OF THE CLIENT PAN OF THE CLIENT PROFIT TO THE CLIENT LOSS TO THE CLIENT 1 AKASH AGRAWAL P-2 ASHARAY APARTMENT MANORAMAGANJ, INDORE AACPA5203F 198,400 2 ALIAP DEVELOPERS 14, COMMERCIAL CHAMBER, SATTA BAZAR, BEHIND DANAPITH, RAJKOT AABCA8097R 750,500 3 ALLAP PROPERTIES 14, COMMERCIAL CHAMBER, SATTA BAZAR, BEHIND AAPCA8096Q 351,100 -: 12: - 12 DANAPITH, RAJKOT 4 ANIL BHIMWAL 75, KANCHAN BAGH, INDORE 56,600 5 ARCO ENTERPRISE 11, UDYAMA, 153 S.V. ROAD, VILE PARLE (W) MUMBAI 400056 AACPT9378B 749,500 6 ARUNA ASHOK MECKONI SHAMJI LODHA BUILDING, 3 RD FLOOR PLOT NO. 375 BHANDARKAR ROAD MATUNGA MUMBAI AAFPM7106C 83,900 7 ASHOK BABURAM GARG 149,200 8 ASHOK KANTILAL MECKONI SHAMJI LODHA BUILDING, 3 RD FLOOR PLOT NO. 375 BHANDARKAR ROAD MATUNGA MUMBAI AAAPM9895M 33,000 9 BASANT KUMAR PARWAL JANAKGANJ, KADAM SAHEB KA BADA, GWALIOR AHBPP4197K 109,100 10 BINA M. HALANI CLUB ROAD, OPP. GANDHI GHAR, BRIJ VIHAR, DISTT SURENDRA NAGAR, DHANGATDHA (GUJ.) AAFPH7682A 142,200 11 CHITRA AGRAWAL P-2, ASHARAY APARTMENT, AAIPA3251B 421,000 -: 13: - 13 MANORAMAGANJ, INDORE 12 D.R.EXPORTS 4107 NAYA BAZAR, NEW DELHI AAAFD3992N 421,000 13 DHARAM CHAND CHORDIA 13 RAMANUJA IYER STREET, MADRAS AADPC4406D 719,000 14 DILESHWARI VASANT MIMJE AMRAVATI 98,940 15 ELTEECE TOBACCO LTD. C/O LAXMI SOLVEX LTD. AAACE1477E 2,853,700 16 GANGA NAGAR TRADING CORP. SHRIGANGANAGAR 136,670 17 HINDUSTAN CONTINENTAL LTD. 304, GOLD STAR TOWER 576, M.G.ROAD INDORE AABCH1575M 22,549,800 18 J.V.VASSA HUF C/O PRAKASH BHAI VADILAL, 39, NAGARSETH MARKET, RATANPOLE, AHMEDABAD AABHV4216J 2,421,920 19 JASMINE ASHOK MECKONI SHAMJI LODHA BUILDING, 3 RD FLOOR PLOT NO. 375 BHANDARKAR ROAD MATUNGA MUMBAI AKBPM5570C 10,800 20 KANTILAL PRAGJI MECKONI SHAMJI LODHA BUILDING, 3 RD FLOOR PLOT NO. 375 BHANDARKAR ROAD MATUNGA MUMBAI AAAPM9894L 65,000 -: 14: - 14 21 LATADEVI. V BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT, OPP. HOSPITAL, ROAD AKOLA MAHARASTRA AHZPB3513H 253,150 22 JAYANTILAL HARICHAND PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT AAEFJ6843J 1,006,500 23 MAHESH KHANDELWAL VIJAY AUTOMOBILE, MHOW ROAD, RATLAM ACIPK6031F 123,600 24 MANGLA B. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHA, PLOT, OPP. HOSPITAL ROAD, AKOLA MAHARASHTRA ABUPB2793G 106,330 25 MANUBHAI NAGINDAS SHAH 55/59 NAGARJ SETH MARKET, RATANPOLE, AHMEDABAD-1 AFQPS1524J 169,800 26 J.B.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ACGPP7009J 108,800 27 S.D.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT AFHPP3007L 51,800 -: 15: - 15 28 SUMESH D. PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ACGPP7008K 62,600 29 H.J.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ABOPV3604Q 54,300 30 K.J.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ACLPV2768D 50,200 31 R.J.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ACJPP7010D 614,400 32 D.J.PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND BANAPTH, RAJKOT ABOPV3575G 103,100 33 MUKESH V. HALANI ISCON MALL ABOVE STAR INDIA SATELLITE ROAD, AHMEDABAD AAWPH0487L 313,350 34 NAVJEEVAN ENTERPRISE B-92, RAJDHANI ANAJ MANDI, SIKAR ROAD, JAIPUR- 302023 DEATH CERTI. 104,400 35 PARAM INDUSTRIES LTD. FILM COLONY R.N.T. MARG AACCP2413R 11,006,700 -: 16: - 16 INDORE 36 PARAS MANUBHAI SHAH 55/59 NAGAR SETH MARKET RATANPOLE, AHMEDABAD-1 AFQPS1523R 51,600 37 PARUL RISHI AGRAWAL DAL BAZAR LASHKAR, GWALIOR AHNPA5321L 79,200 38 PRAGESH SATISH NEEMA 2, CHOTA SARAFA INDORE ABZPN8695E 76,140 39 PRAKASH NEHALANI 201, HIRA PANNA APARTMENT, 32 KHATIWALA TANK INDORE ACOPN8578Q 24,700 40 RACHIT KHANDELWAL VIJAY AUTOMOBILE, MHOW ROAD RATLAM AHWPK7219A 34,000 41 RADHIKA AGRAWAL P-2 ASHARAY APARTMENT, MANORAMAGANJ, INDORE AADPK1889N 152,600 42 RAJAVI AGRAWAL P-2 ASHARAY APARTMENT, MANORAMAGANJ, INDORE AADPK1889N 152,700 43 RAJESH DAGYAYACH HUF B-92, RAJDHANI ANAJ MANDI SIKAR ROAD, JAIPUR 302023 AADHR8530F 46,300 44 RAJESH JAYANTILAL PATEL 14, COMMERCIAL CHAMBER SATTA BAZAR, BEHIND AAFFR5983G 1,051,400 -: 17: - 17 BANAPTH, RAJKOT 45 RAKSHA J. THAKKAR C/O PRADEEP BHAI, D-21, APNC MARKET NO.1, MANDI BAZAR, VASHI, NEW MUMBAI ABQPT3195A 111,930 46 RASHMI SANDEEP TIWARI JANAKGANJ, KADAM SAHEB KA BADA GWALIOR 28,500 47 RATAN CHAND JAIN 52-A, DEVI PATH, TAKHT E SHAHI ROAD, JAIPUR AAKPJ9631J 294,850 48 REENA M. BACHKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT, OPP. HOSPITAL RAOD, AKOLA MAHARASHTRA AFVPB2058R 209,700 49 RUCHI SOYA LTD. MAHAKOSH HOUSE, 7/5 SOUTH TUKOGANJ, INDORE AAACR2892I 17,501,500 50 SANDEEP AGRAWAL P-2 ASHARAY APARTMENT MANORAMAGANJ, INDORE AACPA5201H 149,400 51 SATISH KHANDELWAL VIJAY AUTOMOBILE, MHOW ROAD RATLAM ADQPK4934N 75,000 52 SATISH NEEMA 2, CHOTA SARAFA ABOPN2352F 237,350 -: 18: - 18 INDORE 53 SHAH ANILKUMAR BALUBHAI 55/59, NAGAR SETH MARKET, RATANPOLE, AHMEDABAD ALPHS4696R 997,600 54 SHAH DINESH CHINTU BHAI 55/59, NAGAR SETH MARKET, RATANPOLE, AHMEDABAD ALPHS4696R 965,000 55 SHARDA BHIMWAL 74, KANCHAN BAUGH, INDORE ACIBP4168L 50,600 56 SHEELA KHANDELWAL 15, MHOW ROAD, RATLAM ADQPK4913R 20,800 57 SMT. RADHA DEVI KOOLWAL 7292, SUDAMA NAGAR, 60 FEET ROAD, INDORE AKFPK7754A 84,950 58 SMT. SHANTI DEVI KOOLWAL 7292, SUDAMA NAGAR, 60 FEET ROAD, INDORE AKFPK7754A 84,950 59 SOUTH INDIA EDIBLE OILS DELHI 36, NEW MANDAKINI ENCLAVE, NRI COMPLEX, NEW DELHI AAGCS5522E 746,800 60 SUNDERLAL GUPTA 2637, 2 ND FLOOR, NAYA BAZAR, NEW DELHI D-13, ASHOKA RAOD, AADRASH NAGAR DELHI-33 AARPG0427C 1,130,835 61 SANDEEP & CO. 13, RAMANUJA IYER STREET, MADRAS AAIPK6225H 862,800 -: 19: - 19 62 SUNDER BAI KANTILAL SHAMJI LODHA BUILDING, 3 RD FLOOR PLOT NO. 375 BHANDARKAR ROAD MATUNGA MUMBAI AAFPM7354L 70,000 63 SURENDRA GOVIND PRASAD SHARMA 59/1, VIRHANA ROAD GARG BUILDING KANPUR APKPS0364N 74,330 64 UMADEVI P. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHA, PLOT, OPP. HOSPITAL ROAD, AKOLA MAHARASHTRA ABUPB2776R 92,940 65 USHA KHANDELWAL 15, MHOW ROAD, RATLAM ACIPK6030E 21,000 66 VIJAY DANGAYACH HUF B-92 RAJDHANI ANAJ MANDI, SIKAR ROAD, JAIPUR- 302023 DEATH CERTI. 40,200 67 VIJAY JAIN INDORE 50,800 68 Y. JAGDISH KUMAR M/S. YELCHURI AGRO INDUSTRIES, NEW PLOT NO.-20, SABHULLAH STREET, T NAGAR CHENNAI- 17 PERSON EXPIRED 283,730 69 ADINATH TRADERS KRISHI UPAJ MANDI ASTHA DIST. SEHORE AAFPJ0162G -2,501,590 70 AGRI INTERNATIONAL -855,700 -: 20: - 20 LTD. 71 AGRO TECH FOODS LTD. 219-20 1 ST FLOOR SWASTIK OIL CTS ROAD CHAMBUR MUMBAI AAECA0303M -265,700 72 AGRAWAL INDUSTRIES 5-9- 449 AFJALGANJ, HYDERABAD AACCA0094R -4,924,900 73 GBX EXPORT LTD. 558-560 NARSI NATHA STREET, KATHA BAZAR, MUMBAI -2,057,350 74 GIRIRAJ TRADING CORPORATION BINAGANJ, DISTT. GUNA (M.P.) ANHPA1722F -2,515,400 75 HINDUSTAN TRADING CO. INDORE -2,127,010 76 J.R.AGRO INDUSTRIES LTD. 4.4 J.M.DEWAS ROAD P.O.BOX NAGAR SOMAIYA NAGARBARABHANKI AAACJ2956P -2,123,700 77 JAIN BANDHU TRADERS -200,150 78 JITENDRA PATIDAR BHOPAL BHOPAL -317,730 79 KHEMCHAND KHUMANCHAND SAHU OLD BUS STAND, BEGAGUNJ, DISTT. RAISEN AAKFK0737G -2,000,590 80 LIBERTY OILS MILLS LTD. AMIRCHAND MENTION, D WING 16, MEDAME CAMA ROAD, COLA AAACL0888N -67,703,100 -: 21: - 21 MUMBAI-400001 81 PAREKH FOODS LTD. PUNE COMET HOUSE, 691/A-10PUNE SATARA ROAD, PUNE-411037 AABCT0312N -41,734,010 82 PRIYANKA OVERSEAS LTD. D-18 CAUNAGHTP PLACE, NEW DELHI 301,-CG2 PARK REGENCY, 71 A MIG COLONY INDROE AAACP0070O -1,133,500 83 RAJENDRA PRACHUDAS POBARU 14, COMMERCIAL CHAMBER, SATTA BAZAR, BEHIND DANAPIT, RAJKOT ACIPP9612R -1,002,450 84 SHREE BALAJI PROTIENS INDORE -402,150 TOTAL 70,873,650 - 131,865,030 A.Y.2004-05 1 A.PRADEEP COMMODITIES C/O PRADEEP & C/O., D-21 APNCMARKET NO.1 MANDI BAZAR, VASHI NEW MUMBAI AAJFA8925D 70,400 2 A.PRADEEP KUMAR & CO. D-21 APNCMARKET NO.1 MANDI BAZAR, VASHI NEW MUMBAI AABPT2192B 30,200 3 AJAY KEDIA HUF 38, WAREHOUSEJ ROAD, INDORE AAFHA1724G 51,500 -: 22: - 22 4 AKALMER OILS & FAT LTD. 4 TH FLOOR ARPANA CREST, ROAD, NO. 2, BANJARA HILLS JYDERABAD- 500033(A.P.) AADCA3673P 5,076,500 5 ALOK JAIN 403, SHRINIWAS MAHAVIRRESIDENCY, 4-1-10 TILAK ROAD RAMKOT HYDERABAD AFAPJ8476J 124,300 6 AMBIKA SOLVEX SATYA GEETA APARTMENT, SAPNA SANGEETA ROAD, INDORE AACCA5958N 303,290 7 ANAND KUMAR GUPTA 2, NEW PATIYA, SURAJBHAN, PHATAK, BINAGANJ, AGRA ADRPG1806G 61,360 8 ANIL MAHESHWARI 721, USHA NAGAR EXT., INDORE AGOPM2695K 49,500 9 BHAKTI FOODS PVT. LTD. A BLOCK ROOM NO. 230-31, BARDHAN GRAND PLAZA, MANGLAM PALACE DELHI-85 AAAJB8013J 197,700 10 BHARAT J.P.BACHUKA HUF DAYAL AGRO PRODUCT LTD. NEW RADHAKISHA, PLOT OPP. HOSPITAL ROAD, AKOLA AAAHB8013J 197,700 -: 23: - 23 MAHARASHTRA 11 CHITRMAL AGRAWAL 2, NEW PATIYA, SURAJBHAN PHATAK, BINAGANJ, AGRA ABXPA6742P 69,800 12 GAYATRI DEVI V. BACHUKA DAYAL AGRO PRODUCT LTD., NEW RADHAKISHAN, PLOT, OPP. HOSPITAL ROAD, AKOLA MAHARASHTRA AHZPB3514A 262,600 13 GOOD HEALTH AGRO TEC. LTD. 1-8-663 AJMABAD INDUSTRIAL AREA- HYEDRABAD AAACG7497G 6,365,520 14 HEM CHANDRA AGRAWAL CHAWANI, NEAR MANGILAL DUDH BAHNDAR, INDORE ADEPA3422H 100,030 15 HEMA KEDIA 38, WAREHOUSE ROAD INDORE AFKPK2732G 51,000 16 HINDUSTAN TRADING CO. 174,300 17 JAGDISH PRASHAD P. BACHUKA HUF DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA ABUPB2786P 202,770 18 KISHORE VISHWANTH BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL AFBPB2057A 301,710 -: 24: - 24 ROAD, AKOLA MAHARASHTRA 19 LATADEVI V. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AHZPB3513H 267,400 20 LEO EDIBLES & FATS HYDERABAD AAACL3059J 1,435,500 21 LEO GLOBAL STOCKS (P) LTD. MUMBAI AAANL1525N 1,128,900 22 LILA DEVI J. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AHZPB3513H 249,900 23 MAHENDRA DAWANI 38A-GULMARG COLONY INDORE 43,600 24 MAHESH KEDIA HUF 38, WAREHOUSE JROAD INDORE AAFHM5432F 51,500 25 MANGLA B. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA ABUPB2793G 269,000 26 MANISH KUMAR V. BACHHUKA DAYAL AGRO PRODUCT LTD. NEW AAHHM6993B 301,710 -: 25: - 25 RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA 27 MISS MADHU AGRAWAL MAHAWAR NAGAR, INDORE 53,500 28 NARAYAN JI GUPTA C/O PANDIT AKOLA HARI KRIPA BUILDING BEHIND AMAN KA PLAT- AKOLA ACFPG8519F 1,339,300 29 NAV MAHARASHTRA NAV MAHARASHTRA HOUSE 43, SHANIWAR PETH- 411030 AAACN9941J 864,750 30 NAVJEEVAN ENTERPRISES B-92 RAJDHANI ANAJ MANDI, SIKAR ROAD JAIPUR- 302023 DEATH CERTI. 691,550 31 NILESH LADDHA 596, USHA NAGAR EXT. INDORE ABHPL8074F 104,950 32 PANKAJ VASANT KUMAR BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AAAHV6959B 301,710 33 PRAKASH FOODS LTD. COMET HOUSE 691/A-10 PUNE SATARA ROAD, AABCT0312N 6,700,050 -: 26: - 26 PUNE-411037 34 PAWAN KUMAR J.P. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AABHP0411K 203,600 35 PRADEEP JAMNADAS THAKKAR HUF 604, MERATHAN GALAXY II L.B.S.ROAD, NEAR NIRMAL LIFE STYLE, MULUND (W) MUMBAI AAAHP5712Q 78,000 36 RAKESH GUPTA 428, SETHI NAGAR UJJAIN 139,140 37 REENA M. BACHHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AFVPB2058R 253,600 38 ROHAN ASHOK KUMAR NEEMA SARAFA OPP. POLICE STATION INDORE ADEPN0632J 30,500 39 SARDAR DEVENDER SINGH RAJPAL 28/85 DAWA BAZAR INDORE AAEHD3353B 66,500 40 SARDAR JOGINDER SINGH RAJPAL HUF 28/85 DAWA BAZAR INDORE AADHJ8745C 66,500 41 SARDAR KAWALJEET SINGH 28/85 DAWA BAZAR INDORE AAGHK0118M 66,500 -: 27: - 27 RAJPAL HUF 42 SARDAR SATPAL SINGH RAJPAL HUF 28/85, DAWA BAZAR, INDORE AANHS9348L 66,500 43 SHRI GANESH INVESTMENT CO. 630 USHA NAGAR EXT. NDORE AALFS7894K 304,380 44 SOUTH INDIA EDIBLE P. LTD. 36, NEW MANDAKINI ENCLAVE, NRI COMPLEX, NEW DELHI AAGCS5522E 267,275 45 SUDHA KEDIA 38, WARE HOUSE ROAD, INDORE AFKPK2731F 51,000 46 SUNDERLAL GUPTA INVESTMENT P. LTD. 2637, 2 ND FLOOR NAYA BAZAR, NEW DELHI AAHCS6857K 2,951,300 47 SUNIL KEDIA HUF 38, WAREHOUSE ROAD, INDORE AAFHA1724G 53,500 48 SURENDRA SHARMA KANPUR 59/1 VIRHANA ROAD GARG BUILDING KANPUR APKPS0364N 156,270 49 SWATI DEVI V BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA ABLPJ6826D 249,900 50 UMA DEVI P. BACHUKA DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT ABUPB2776R 249,800 -: 28: - 28 OPP HOSPITAL ROAD, AKOLA MAHARASHTRA 51 VASANT KUMAR P.D.BACHUKA HUF DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AAAHV6959B 202,600 52 VISHAL KISHANGOPAL PUROHIT C/O PANDIT AKOLA HARI KRIPA BUILDING BEHIND AMAN KA PLAT AKOLA AINPP0589K 102,220 53 VISHVANATH P.D. BACHUKA HUF DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT OPP HOSPITAL ROAD, AKOLA MAHARASHTRA AAAHV6960L 203,600 54 AGRAWAL INDUSTRIES 5-9-449 AFJALGANJ HYDERABAD, AACCA0094R 55 AND AGRO FOODS LTD. 501, 5TH FLOOR, JAI SINGH , BUSINESS CENTER, SAHARA INTNL., AIRPORT ROAD, ANDHERI - MUMBAI AACCA5640D -3,172,200 -: 29: - 29 56 BHASKAR EXXOILS LTD. CHHOTA MALSAPURA POST SIYA, DEWAS AAACB6091M -4,526,800 57 D.R.EXPORT 4107 NAYA BAZAR, NEW DELHI AAAFD3992N -486,400 58 JAY TRADERS KHANDWA C/O ANKIT TRADERS NEAR TOWN HALL - KHANDWA -28,500 59 LAXMI SOLVEX 3RD FLOOR CHATURVEDI MENTION, A.B. ROAD INDORE AAACL1082G - 15,517,150 60 PRIYANKA OVERSEAS LTD. D- 18 CAUNAGHTB PLACE, NEW DELHI AAACP00700 -1,690,000 61 RASHMI SANDEEP TIWARI JANAKGANJ, KADAM SAHEB KA BADA, GWALIOR -30,330 62 SARVOTTARN VEG. OIL REF. P. LTD. 34- A SECTOR, SANWER ROAD INDUSTRIES AREA. INDROE 452015 AAFCS7200J -1,163,700 63 SHARDA SOLVENT SADAR BAZAR - SHIVPURI AAECS6522 Q -1,544,100 64 SHREE BALAJI PROTINS INDORE -103,600 65 Y. JAGDISH KUMAR YELCHURI AGRO ENTERPRISES, NEW NO. 20 OLD SADULLAH NAGAR EXPIRED -4,196,200 -: 30: - 30 CHENNAI - TOTAL 36,671,080 300,401,140 AY.2005-06 1 ADANI EXPORT LTD. 301, PRINCESS PRIDE, 21/3 NEW PALASIA, AABCA2804L 97,000 2 ALOK JAIN 403, SHRINIWAS, MAHAVIRRESIDENC Y 4-1- 10 TILAK ROAD, RAMKOT, HYDERBAD AFAPJ8476J 149,880 3 ANIL INDUSTRIES 285, M.G.ROAD, INDORE AGOPM2695K 105,350 4 ANITA MANGAL 164 R.N.T. MARG, INDORE ALTPM0699Z 74,670 5 ANUJ AGRAWAL ANUJ RICE PRODUCT, INDUSTRIAL AREA, A.B.ROAD, SHIVPURI ABXPA1794M 959,500 6 D.R.EXPORTS 4107 NAYA BAZAR, NEW DELHI AAAFD3992N 2,105,000 7 GAURAV KOTHARI TILAK ROAD RAJORKAR COMPOUND AKOLA APAPK0167P 399,000 8 JIMMY SHAH 1/4 MAHARANI ROAD, INDORE AREPS4677C 49,260 -: 31: - 31 9 LOVELY AGRAWAL 49 A JAGANNATH PURI, MATHURA ADLPA2637D 75,870 10 M/S LAXMINARAYAN LADDHA 596, USHA NAGAR EXT. INDORE ABHPLB074F 249,820 11 NAKODA COMMODITIES PVT. LTD. 401, ROYAL GOLDY.N.ROAD,I NDORE AABCN4954C 203,400 12 NARAYANJI GUPTA C/O PANDIT AKOLA HARI KRIPA BUILDING BEHIND AMAN KA PLAT - AKOLA ACFPG8519F 200,500 13 OM INDUSTRIES 6, UDYOG NAGAR DEVGURADIA ROAD, INDORE AAAFA3073P 6,491,300 14 RAJENDRA PRABHUDAS POBARU 14, COMMERCIAL CHAMBER, SATTA BAZAR BEHIND DANAPITH, ACIPP9612R 1,986,500 15 RAJENDRA RAMESHWARDAY AL IST MAZNAL HUF 164 RN.T. MARG, INDORE AAJHR3661 79,490 16 RAJESH PATNI 29, KHARA KUNWA, UIIAIN AKGPP1548L 1,323,490 17 RADHIKA AGRAWAL 49 A JAGANNATH PURI, MATHURA AGSPA0088Q 77,170 18 RUCHI SOYA LTD. MAHAKOSH HOUSE, 7/5 AAACR28921 18,857,300 -: 32: - 32 SOUTH TUKOAANJ, INDORE 19 SHRI HANS TRADERS MANDIROAD,DH AMNOD AAPPN8289D 696,100 20 SMT. SITABAI AGRAWAL 164 R.N.T. MARG, INDORE AGDPM3356J 89,300 21 SANGEETA MANZAL 164 RN.T. MARG, INDORE AGDTM3347B 81,590 22 VAIBHAV LAXMI INVESTMENT NAGORI GATE KE BAHAR KAGA ROAD, PLOT NO . 13 CHHIPA COLONY, AAZPK2156L 527,600 23 VIJAY RAMESHWAR DAYAL MANGAL HUF 164 R.N.T. MARG, INDORE AADHV8779N 75,600 24 VINOD RAMESHWAR DAYAL MANGAL HUF 164 RN.T. MARG, INDORE AADHV8778B 80,690 25 RAGHUNATH AGENCY 3-9, II FLOOR MODEL TOWN II, ABOVE ARCHIS GALLERY, NEW DELHI AAACR0362F 1,707,410 26 SAURAV AGRAWAL F3 RATLAM KOTHI, INDORE ADJPA9811 F 49,560 27 AKALMER OILS & 4TH FLOOR ARPANA AADCA3673P -5,364,160 -: 33: - 33 FAT LTD. CREST, ROAD NO.O. 2 BANJARA HILLS, HYDERBAD- 500033 (A.P.) 28 AND AGRO FOODS LTD. 501, 5TH FLOOR, JAI SINGH, BUSINESS CENTER, SAHARA INTNL. AIRPORT ROAD, ANDHERI - MUMBAI AACCA5640D -794,450 29 BHASKAR EXXOILS LTD. CHHOTA MALSAPURA POST SIYA, DEWAS AAACB6091M -3,130,700 30 DAYAL AGRO PRODUCT LTD. NEW RADHAKISHAN, PLOT, OPP. HOSPITAL, ROAD, AKOLA MAHARASTRA AABCD2713 R -493,000 31 GOOD HEALTH AGRO TECL. LTD. 1-8,-663, AJMABAD INDUSTRIAL AREA HYEDRABAD AAACG7497G -830,970 32 LAXMI SOLVEX LTD. 3 RD FLOOR CHATURVEDI MENTION, A.B.ROAD, INDORE AAACL1082G 16,905,200 33 MADHU TRADING CO. 15-9-453 AFJALGANJ, ABLLPA2872L -150,000 -: 34: - 34 HVDERBAD 34 MAHARASHTRA OIL EXTRUCTION PVT. LTD. DHULIA AABCM5897M -390,400 35 MAHENDRA AGRAWAL 7/1 MAHARANI ROAD, INDORE AFJPA9365C -117,921 36 PADMAVATI OILS PVT. LTD. MAHARAJA COMPLEX, MAIN ROAD SHIRPUR MAHARASTRA AABCT0312N -261,700 37 PAREKH FOODS LTD. COMET HOUSE 691/ A-I 0 PUNE SATARA ROAD, PUNE- 411037 AABCT0312N -4,107,050 38 R.C.G. FINANCE PVT. LTD. 209, M.G. ROAD, RAJANI SHAVAN, M.G.ROAD, INDORE AAACR9505L -4,116,650 39 SMT. KALAVATI SURJAN W /0 LATE JAMUNADAS MAHESHWAR, NEAR MARKANDESH WAR. MANDIR, CHOTI BAZARIA,MURENA, (M.P.) NOT HAVING -1,312,350 40 SOUTH INDIA EDIBLE OILS DELHI 36, NEW MANDAKINI, ENCLAVE, NRI AAGCS5522E -399,000 -: 35: - 35 COMPLEX, NEW DELHI 41 Y JAGDISH KULNAR M/S YELCHURI AGRO INDUSTRIES, NEW NO.-20, SABHUL1AH STREET. T NAGAR, CHENNAI - 17 EXPIRED -15,000 TOTAL 36,792,350 -38,388,851 A.Y.20 06-07 1 ANKITA BAGANI 229 VINAY NAGAR, INDORE AIYPB3894M 101,000 2 B.S.TRA,DERS 48, SATYA MILL, PAROLE ROAD, DHULE [MAHA] AADHP5284Q 10,250 3 DIPIKA SAGANI 229 VINAV NAGAR, INDORE AIYP83895 L 102,600 4 DIPTI BAGANI 229 VINAY NAGAR, INDORE AIYPS3892 P 106,800 5 KAILASH NAHAR HUF 90, JAORA COMPOUND, INDORE AADHN6548K 155,360 6 NOVA TRADING PVT. LTD. FILM COLONY, R.N.T. MARG INDORE AAACN919 5J 2,696,350 7 PUJA KOOLWA1 7292, SUDAMA NAGAR, 60 FEET ROAD INDORE ADZPK763 5H 94,710 8 PUJA VAISHYA G 21/22 SIDE ABJPV507 127,400 -: 36: - 36 NO.1 CITY CENTER, GWA1IOR 7G 9 RAKESH KUMAR GOYAL 106, YASH TOWER, JANKI NAGAR, INDORE AAFHR865 5F 61,100 10 SANDEEP VAISHYA G 21/22 SIDE NO.1 CITY CENTER, GWALIOR ABJPV5076H 30,600 11 SHAKUN VAISHYA G 21 /22 SIDE N.O. 1 CITY CENTER, GWALIOR ABCPV3508P 168,400 12 SUCHITA NAHAR 90, JAORA COMPOUND, INDORE ADQPN2302K 123,990 13 ANURADHA TIWARI 9/8 NEW PALASIA, INDORE ADHPT7982N 111,500 14 SHUPENDRA CHAGANLAL SHAH 3/7 MAHESH NAGAR INDORE AAAHB9874K 134,000 15 SMT. SAROJ SONI NAND SHAVAN, 27/01 RACE COURSE ROAD, INDORE ATGPS4238P 13,800 16 GAURISHANKAR BHAVSAR HUF 24, SUBHASH CHOWK INDORE AACHG5560R 21,600 17 GORDHANDAS SONI NAND BHAVAN, 27/01 RACE COURSE ROAD INDORE AHCPS6179H 74,000 18 AGRAWAL INDUSTRIES 5-9-449, AFJALGANJ AACCA0094R 335,000 -: 37: - 37 HYDERABAD 19 AMIT SHIVANI SHIWANI SADAN DUTTA MANDIR ROAD , GAL CHOURAHA MANDSOUR (MP) ANZPS4422Q 225,410 20 ANANT STEEL PVT. LTD. 170/10 FILM COLONY, R.N.T. MARG INDORE AACCA1283E 2,000,700 21 ANIL NEEMA HUF 45, JUNA PITHA MAIN ROAD, INDORE AAHHA4650 F 103,620 22 ANKITA BAAANI 229 VINAV NAGAR, INDORE AIYPB3894M 101,000 23 ANUJ AGRAWAL ANUJ RISE PRODUCT, IND. AREA, A.B.ROAD, SHIVPURI ABXPA1794M 1,515,950 24 ARPITA SHAH 3/7 MAHESH NAGAR INDORE AEBPJ3556P 145,600 25 ARUN AGRAWAL 201, STARLIT TOWER, AGNPA8540J 111,300 26 ARUNABEN SHAH 3/7 MAHESH NAGAR INDORE ADUPS9492D 77,100 27 ARUNAJAIN GUMASTA NAGAR, INDORE AEOPJ7951B 103,666 28 ALKA JAIN GUMASTA NAGAR, INDORE AEOPJ7953D 93,510 29 USHA DEVI GOYAL 36, MANISH BAUGH COLONY ADZPG7760K 101,180 -: 38: - 38 INDORE 30 NARENDRA KUMAR AGRAWAL CHOWK BAZAR, BURHANOUR ADAPA0131B 1,022,200 31 BHASKAR EXXOILS LTD. CHOTA MALSAPURA, POST SIA,DEWAS AAACB6091 M 875,750 32 BHAVNA JAIN 35/47 AGRAWAL NAGAR INDORE ADZPG776LJ 101,180 33 BHAVNA GOYAL 79, PATRAKAR COLONY INDORE ABGPJ2149G 180,180 34 ADANI EXPORTS LTD. 30 1 PRINCESS PRIDE, 21/3 NEW PALASIA INDORE- 452003 AABCA2804L -63,000 35 AND AGRO FOODS LTD. 501, 5TH FLOOR, JAI SINGH BUSINESS CENTER, SAHARA INTI. AIRPORT ROAD, ANDHERI (MUMBAI) AACCA5640D -354,350 TOTAL 11,226,806 -417,350 A.Y.20 07-08 1 AKASH AGRAWAL P-2 ASHARAY APARTMENT, MANORRNAGANJ INDORE AACPA5203F 329,750 2 ANIL AGRAWAL HUF P-2 ASHARAY APARTMENT, AAAHA1454L 200,300 -: 39: - 39 MANORMAGANI INDORE 3 CC-H5 SURESH CHANDRA AGRAWAL (HUF) 630, USHA NAGAR EXT., OPP. DASHAHARA MAIDAN, INDORE AAPHS9925M 56,000 4 CC-HD51 HASMUKH BHAI PANCHAL NAYA BAZAR, LIMDI, DIST. DAHOD ADRPP6712E 50,200 5 CC- M63 SHEETAL PARVANI H. NO. J-9 HLG COLONY - INDORE AJVPP7846D 137,180 6 CC-RI60 MOHIT BETALA 18-19 MAA DURGA NAGAR, JANKI NAGAR INDORE AHOPB2399E 291,520 7 CC-RI61 VINAY BETALA 18-19 MAA DURGA NAGAR, JANKI NAGAR INDORE ACAPV2144A 290,200 8 CC-RI65 OMPRAKASH AGRAWAL 210 JAGJIVAN RAM NAGAR - INDORE AEJPA3163M 4,550 9 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. 107-CHETAK CENTER- INDORE AABCP1890P 636,600 10 CC-RS51 SURENDRA KUMAR AGRAWAL 41-A NEW DHAN MANDI DISTT. SHRI GANGA NAGAR - SADUL SAHAR ACQPK3153 N 105,000 -: 40: - 40 11 VIKAS SHIVHARE NARANI ROAD, DIST BANDA, ATARA 210201(U.P.) NOT FURNISH BY CLIENT'S COPY OF . KYC ENCL. 16,900 12 CC- Y22 DEEPAK JAIN NEAR DENA BANK - DISTT. DHULIVA ABMPS1728 A 60,700 13 CC- Y7 RAKESH JAIN 404 DWARKADAS ROSAMI MANTION, KADWA LANE, JAMLI NAKA - THANE AEVPJ3441F 30,100 14 CC-ZI7 NEHA KOTHARI POLT NO. 11 PAIGHA COLONY - SEEUNDERABAD AQFPK7267 C 361,600 15 CC-Z8 SANJAY SHAH 3-4-229 FLATE NO. 402, KAKINADA STATION ROAD- KAKINADA ABTPS7390H 498,520 16 CHANDRA MOHAN DAMANI C/O GIRIRAJ TRADERS, AIRPD2282N 15,300 17 ESSENCE INVESTMENT & FINANCE LTD. SARAFA, BULDHANA301,- APOLLO SQUARE, 7/3 RACE COURSE ROAD, INDORE AABCE3874 A 105,000 18 GLENEORE GRAIN INDIA (INDORE) PHARMA SEARCH, 3 RD FLOOR, B.G.KHER MARG, WORLI, MUMBAI AACCG5797 M 654,000 19 GOOD HEALTH 1-8-663 AAACG7497G 581,060 -: 41: - 41 TECH PVT. LTD AJMABAD INDUSTRIAL-AREA - HYEDRABAD 20 HASMUKH BHAIL PANCHAL NAYA BAZAR- LIMDI ADRPP6712E 21 HIRA AGRO INDUSTRIES AKOLA SHRIKRISHNA, 11, RAMNAGAR BEHIND L.R.T. COLLAGE, AKOA AAAFH8616B 2,555,750 22 IDEA INTERNATIONAL PVT. LTD. MAHAKOSH HOUSE, 7/5, SOUTH TUKOGANJ, INDORE AABCI1527J 1,888,700 23 K.S. OILS LTD. JIWAJI GANJ, MURENA AABCK3119J 120,500 24 KAILASH NAHAR HUF 90, JAORA COMPOUND, INDORE AADHN2465K 70,200 25 KRISHNA KUMAR C/O SUNDERLAL GUPTA, NEW DELHI AAXPG2465K 1,125,150 26 M/S. LAXMINARAYANJI LADDHA 596, USHA NAGAR EXT. INDORE ABHPL8074F 206,600 27 MOHIT TRADING CO. H.NO.620- JAWAHAR COLONY NEW MANDI MUZAFFERNAGAR ALXPK8761C 20,202,800 28 MONA NAGWANI 18-VASUDEV NAGAR- INDORE AAQPN6516N 109,400 -: 42: - 42 29 MUKUL GOYAL 182, NORTH VIJAY NAGAR COLOY, AGRA ABUPG5573D 44,100 30 NEHA NAHAR 90, JAORA COMPOUND, INDORE AELPN8413K 62,000 31 NILOFAR SHAIKH 12, NANDANVAN COLONY, INDORE AWLPS7195P 101,900 32 PREM BALANI 97 JAIRAMPUR COLONY, INDORE AEZPB2436C 93,570 33 RADHA BALANI 97 JAIRAMPUR COLONY, INDORE AEZPB2436C 99,300 34 RAKESH KUMAR GOYAL (HUF.) 106 YASH TOWER, JANKI NAGAR EXT.INDOE AAFHR8655F 112,300 35 S.C.GOYAL 182 NORTH VIJAY NAGAR COLONY, AGRA ABUPG5575F 44,100 36 SAN DEEP AGRAWAL HUF P-2 ASHARAY APARTMENT, MANORMAGANG INDORE AAKHS9044L 200,300 37 SANJAY JAIN 25, SHARDHANAND MARG CHAWANI INDORE ASXF5442J 196,530 38 SANTOSH GOYAL 182 NORTH VIJAY NAGAR COLONY, AGRA ABUPG5576G 42,500 39 SHAZIA BEE 12 NANDANVAN AJLPB0187H 101,300 -: 43: - 43 COLONY 40 SMT. TARADEVI KISHANGOPAL PUROHIT KHAITAN BHAVAN , NAGPURI ZIN ROAD, AKOLA ABOPP1396H 130,710 41 SMT.CHITRA AGRAWAL P-2 ASHARAY APARTMENT, MANORRNAGANJ INDORE AAIPA3251B 85,400 42 SUCHITA NAHAR 90 JAORA COMPUND, INDORE ADQPN2302K 62,000 43 T.R.NAGWANI HUF 18-VASUDEV NAGAR- INDORE AADHN4553J 56,200 44 TANU GARZ 6/ 1 OLD PALASIA INDORE AFAPG3610F 442,040 45 TARUNA AGRAWAL 630, USHA NAGAR EXT., OPP. DASHAHARA MAIDAN, INDORE AHLPA8029.M 122,500 46 TEJUMAL BAGANI KHATIWALA TANK, OPP. KHARIUJA GROUND,INDORE ABLPB5629G 80,800 47 VARSA AGRAWAL W/0 MANISH AGRAWAL 1, PARSI MOHALLA, GALI ACZPA5191R 2,036,150 48 VASTU COMMODITIES PVT. LTD. 105, CHETAK CENTER, R.N.T. MARG, INDORE AAACV0897P 837,600 49 VISHAL KISHANGOPAL HARI KRIPA BUILDING BEHIND AINPP0589K 120,620 -: 44: - 44 PUROHIT ARNAN KA PLAT- AKOLA 50 ZUBEDA C. KHAN 113 TATPATTI BAKHAL, INDORE AHBPB5941K 100,700 51 AMIT SHIWANI SHIWANI SADAN DUTTA MNDIR ROAD , GOL CHOURAHA MANDSOUR (MP) ANZPS4422A -25,600 52 AND AGRO FOOD, P. LTD. 501, 5TH FLOOR, JAI SINGH, BUSINESS CENTER, SAHARA INTNL., AIRPORT ROAD, ANDHERI - MUMBAI AACCA5640D -5,936,550 53 ANURADHA TIWARI 9/1 NEW PALASIA ADHPT7982N -72,000 54 B.K.MAHESHWAR I INDORE -7,000 55 BHASKAR E XXOILS LTD. CHHOTA MALSAPURA POST SIYA DEWAS AAACB6091M -2,470,000 56 BHUPENDRA CHAGANLAL SHAH (HUF) DARSHAN APPT. MAHESH NAGAR INDORE AAAHB9874K -9,000 57 C.H.RATNARAO HEYDERBAD -399,600 58 CC-HA11 NIKHIL M. AGRAWAL ARJEEV CO. OP. HOUSE, RAMDEV NAGAR ROAD, AGMPA1045P -761,090 -: 45: - 45 AHMEDABAD 59 CC-HI57 GIRIRAJ K.GUOTA (HUF) 23-24 GRAIN HOUSE - INDORE ABSPG3406F -17,550 60 CC-M60 SUSHIL KUMAR JAIN 63/ A, MANDI PRAGAN - NEEMUCH AESPJ1377H - 157,870 61 CC- RJI01 SATYA PRAKASH KHANNA KHANNA SUGAR AGENCY - PEHOWA - HARVANA ABJPK5179J -90,800 62 CC-RK74 SURENDRA SHARMA 59/1 VEER HANS ROAD - KANPUR APKPS0364N -471,565 63 CC-RT51 MANOJ KUMAR CHHAIED 23 - CHAMBER OF COMMERCE AECPC8057M -122,430 64 CC-S4 PARMAN AND LALCHAND SADAR BAZAR - SHIVPURI AACFP2884K -920,150 65 CC-S56 ROHIT AGRAWAL SADAR BAZAR - SHIVPURI AERPA2470H -49,500 66 CC-Z2 PUMA CHANDA 3-4-142/5 A FLAT NO. 30 I, VINAYKA VILLA APPARTMENT, OPP. LALITA ABHPB6263E -181,300 67 CC-Z3 BINDU SARIYA EXTRACTION 19-2-226 BAHADUR PURA ACFPK6337D -289,900 68 CC-Z4 SHALIMAR AGROTECH P.UD. DOOR NO. 15-1- 470, OLD PILKHANA - ABQTA44271 -513,900 -: 46: - 46 HVDERABAD 69 GLENCORE GRAIN INDIA (BOMBAY) PHARMA SEARCH, 3RD FLOOR, B.G.KHER MARG, WORLI, MUMBAI AACCG5797M -784,000 70 IMPERIAL MARKTRADE (INDIA) PVT. PTD. E-139 RAJ TALKIES COMPLEX, 24 SHRADHANAND MARG, CHAWNI AACI5243L -238,600 71 JAYANTILAL CHAGANLAL SHAH (HUF) 3/7 MAHES NAGAR, INDORE AAAHJ8065N -9,000 72 JITENDRA LAKHOTIA (HUF) 8/24 MAHESH NAGAR .INDORE AADHJ0571N -7,800 73 K.L.CHOKSI MANEK CHOWK, AHMEDABD -885,500 74 KAMAL AHUJA 120/2 BAIRATHI COLONY, INDORE AFIPA4008H -5,700 75 LALIT SHIWANI SHIWANI SADAN DUTTA MNDIR ROAD, GOL CHOURAHA MANDSOUR (MP) BYSPS9739P -27,200 76 LAXMI SOLVEX CHATURVEDI MENTION 26/4 A.B. ROAD PALASIA - INDORE AAACLI082G -20,688,000 77 MADHAV SHARAN AGRAWAL (HUF) ARJEEV CO. OP. HOUSE, RAMDEV AAEHM8835M -: 47: - 47 NAGAR RAOD - AHMEDABAD 78 NAVIN SHAH (HUF) 3/7 MAHES NAGAR, INDORE -9,000 79 NOVA TRADING P. LTD. FILM COLONY, RN.T. MARG, INDORE AAACN919SJ -108,400 80 PRAKASH CHAGANLAL SHAH (HUF) 3/7 MAHES NAGAR, INDORE AABHP3142D -9,000 81 R.K.IMPEX 16 A SANAGOGUE STREET, 2 ND FLOOR KOLKATA 700001 AABCR2580A -3,500 82 RAJESH GUPTA SPL - MANGAL BHAWAN, CHANDRAPOLE, ANAJ MANDI JAIPUR AEIPG4222M -2,141,300 83 SATGURU OIL INDUSTRIES 667, GUL TEKTI MARKET YARD, PUNE ACUPC8733A -937,700 84 SHARDA SALVENT SADAR BAZAR, SHIVPURI AAECS6522Q -8,407,100 85 SIDDHARTH SOYA 311 APOLLO TRADE CENTER,2-B RAJGADH KOTHI, INDORE AACCG5797M -289,550 86 SUSHIL KUMAR GANBHIR & SONS 5/0/2 MAHAVIR NAGAR PHASE III, KOTA AAMHS3466C -301,800 -: 48: - 48 87 VISHAL VICTORY OILTECH PVT. LTD. REGD. OFF: 28/2 SHAKESHPEAR SARANI, 5TH FLOOR, KOLKATA AABCV0848F -3,499,500 88 CORP. OFF KANCHAN VIHAR, KANCHAND BAGH, INDORE 89 YOGESH KALARANI JALGOAN -42,600 TOTAL 35,946,400 -50,952,695 A.Y.2008-09 1 AGRI CORE COMMODITIES PVT. LTD. REGD. OFF PHARMA SERCH HOUSE, 3RD FLOOR, B.G,KHER MARG, WODI, MUMBAI AACCG5797M 4,399,550 2 ALKA JAIN GUMASTA NAGAR, INDORE AEOPJ7953D 94,900 3 AMAN GUPTA 37,B NAI MANDI, MUZZAFAR NAGAR AJVPG3498A 104,000 4 ANUPAMA BOTHRA FLAT NO. 101, DILPASAND TOWER 12 RACE COURSE ROAD, INDORE AJQPB4814N 125,700 5 ARUNAJAIN GUMASTA NAGAR, AEOPJ7951B 97,100 ` -: 49: - 49 INDORE 6 BANWARI SATYANARAYAN BAJAJ TAPADIYA COMPLEX, OLD MARKET, AKOLA ABJPB6391B 506,900 7 CC-HI65 ARUN AGRAWAL 201- STAR LITE TOWER - INDORE AGNPA8540J 434,000 8 CC- M63 SHEETAL PARYANI H. NO. J-9 HIG COLONY - INDORE AJVPP78460 85,000 9 CC- RT51 MANOJ KUMAR CHHAJED 23 - CHAMBER OF COMMERCE AECP8057M . 32,830 10 CC-S4 PARMANAND LALCHAND SADAR BAZAR - SHIVPURI AACFP2884K 429,156 11 CC-Y110 MANENDRA KUMAR JAIN 301-SHANTI KUTIR, 10 TH ROAD MUMBAI APTPS8360M 74,200 12 CC- Y84 DILIP KUMARANGARA 7/4 - TA1DHWAI BHAWAN AAEHD3495E 450,200 13 CHANCHAL BALANI 97 - JAIRAMPUR COLONY - INDORE AHDPB9907D 119,700 14 DAMMANI INVESTMENTS E-L FLOOR, KHAJANCHI MARKET, K.E.M.ROAD BIKANER AAEFD5777F 20,032,300 15 GAURAV KOTHARI TILAK ROAD RAJORKAR COMPOUND AKOLA APAPK0167P 217,500 16 GUNMALA JAIN GUMASTA NAGAR, INDORE ABXPB7380P 54,000 -: 50: - 50 17 GURPAL KHURANA 36, NEW MANDAKINI ENCLAVE, NRI COMPLEX, NEW DELHI AGGPK2851F 2,006,750 18 HANUMAN MAL RANKA BEHIND GOVT. HOSPITAL GANGASHAHAR, BIKANER ABJPR1893E 2,621,600 19 HARISH BAGANI KHATIWALA TANK, OPP. KHANUIA GROUND,INDORE ALZPB7943B 79,600 20 INDERMAL JAIN HUF GUMASTA NAGAR, INDORE AAAHI2655F 85,600 21 INDIRA AGRAWAL 83, SIYAGANJ, C/OMANGALFOAM INDUATRIES, INDORE AFNPA4285P 286,050 22 KACHHAWA COMMODI TIES (P) LTD. NEW LANE, GANGASHAHAR, BIKANER AACCK9672M 9,860,200 23 KAILASH N AHAR HUF 90, JOARA COMPOUND, INDORE AADHN6548K 138,200 24 KUSUM SHVAMSUKHA 41/2 GALI NOS MALHARGANI, INDORE AMVPS6193H 110,700 25 M/S LAXMINARA YAN LADHHA 596, USHA NAGAR EXT., ABHPL8074F 314,900 -: 51: - 51 INDORE 26 MAHAVEER RANKA BEHIND GOVT .. HOSPITAL GANGASHAHAR, BIKANER AGBPR3427R 4,529,300 27 MAHESG BHARANI FLAT NO.304 SATYAM APARTMENT, 122 VIDHYA NAGAR ABXPB7380G 115,100 28 MAHESHWARI FINANCE E-I0, LAT FLOOR, 'KHAJANCHI MARKET, , BIKANER AALFM1538N 4,028,700 29 MONA NAGWANI,INDORE 18 VASUDEV NAGAR- INDORE AAQPN6516N 98,800 30 NAVIN KHATRI PHAR BAZAR BIKANER AKAPK8144M 2,504,700 31 NEHA KOTHARI I POLT NO. 11 PAIGHA COLONV - SECUNDERABAD AQFPK7267C 200,200 32 NEHA NAHAR J 90, JOARA COMPOUND, INDORE AELPN84 13K 219,700 33 NILOFAR SHAIKH 12, NANDANVAN COLONY, MANIK BUGH, ROAD INDORE AWLPS7195P 105,000 34 PARMANAND NAZWANI HUF 18 VASUDEV NAGAR _ INDORE AAJHP4428G 125,800 35 PRAVEEN KUMAR 41/2 GALI NO, 5 AAIPS9095H 106,100 -: 52: - 52 SHVAMSUKHA MAIHARGANI, INDORE 36 PRERN BALANI 97 JAIRAMPUR COLONY, INDORE AEZPB2436C 168,800 37 PUNAM CHAND KACHHAWA BEHIND BANGALI TEMPLE, RANI BAZAR, BIKANER AOQPK0151C 8,239,700 38 R.K. BALANI HUF 97 JAIRAMPUR COLONY, INDORE AALHR5273H 130,831 39 RADHA BALANI 97 JAIRAMPUR COLONY, INDORE AEZPB2436C 162,800 40 RADHE COMMODITY VRANDAVAN, NAGORI GATE, MAHAMANDIR ROAD, PARSHVANATH VATIKA KE SAMNE JODHPUR ADZPR8746A 2,986,340 41 RADHESHYAM RATHI HUF VRANDAVAN, NAGORI GATE, MAHAMANDIR ROAD, PARSHVANATH VATIKA KE SARNRIE, JODHPUR AAKHR4091Q 356,375 42 RAJKUMAR MUTHA HUF 7 TH B ROAD SARDARPURA JODLHPUR ABMPM0247L 635,751 -: 53: - 53 43 RAKESH KUMAR GOYAL (HUF) 106 YASH TOWER, JANKI NAGAR EXT.LNDOE AAFHR8655F 83,200 44 RITESH JAIN HUF GUMASTA NAGAR, INDORE AAFHR8655F 84,400 45 S.G.P. PRODUCTS TILAK ROAD RAJORKAR COMOOUND AKOLA AABHS8266H 202,000 46 SANJAY AGRAWAL 3338 SAKET NAGAR,INDORE AACPA2243F 4,093,930 47 SANJAY GUPTA NEW RADHA KISHAN OPP. AGRSEN BHAWAN - AKOLA AEMPG3459D 103,300 48 SANTOSH GOYAL 182 NORTH VIJAY NAGAR COLONY, AGRA ABUPG5576G 60,100 49 SATISH SHANKAR LAL KOTHARI RAJUNKAR COMPUND, TILAK ROAD, AKOLA ADEPK3084B 3,606,600 50 SEERNA AGRAWAL 630, USHA NAGAR EXT. INDORE AGAPA4036D 639,400 51 SHAH BHAVESH MAHESHBHAI 607 -8 SHILP TOWER, TAGORE ROAD, GOSOWN MARG, RAJKOT AVUPS3595F 7,013,220 52 SHARDA SALVENT SADAR BAZAR, SHIVPURI AAECS6522Q 7,587,267 53 SHAZIA BEE 12, NANDANVAN AJLPB0187H 105,000 -: 54: - 54 COLONY, MANIK BUGH, ROAD, INDORE 54 SHOBHA KOTHARI TILAK ROAD RAJORKAR COMOOUND AKOLA ACJPK1431E 903,400 55 SMT.TARADEVI KISANGOPAL PUROHIT KHAITAN BHAVAN , NAGPURI ZIN ROAD, AKOLA ABOPP1396H 119,300 56 SONAL SURANA TILAK ROAD RAJORKAR COMPOUND AKOLA ADEPK3088P 809,660 57 SANU COMMODITIES & DARIVATIES(P) LTD. A-22 SAMTANAGAR 1ST FLOOR BIKANER AAJCS6745E 15,208,990 58 SUCHITA NAHAR 90, JOARA COMPOUND, INDORE ADQPN2302K 273,800 59 URMILA GUPTA N-18 SAKET NAGAR ABXPG9407H 300,300 60 USHA JAIN GUMASTA NAGAR, INDORE ANXPJ0159M 98,000 61 VINOD KUMAR BHANSALI & SONS (HUF) CHHAGANLAL VINOD KUMAR BHANSALI BOTHRA CHOWN, GANGASHAHAR AADHV6880J 399,200 62 VIRENDRA 78/3 GRASIM AESPB3600B 13,772,416 -: 55: - 55 BHANDARI STAFF COLONY, BIRLAGRARN NAGDA 63 ZUBEDA C. KHAN 113 TATPATTI BAKHAL, INDORE AHBPB5941K 105,000 64 AGRI CORE COMMODITIES PVT. LTD. PHARMA SEARCH, 3RD FLOOR, B.G.KHER MARG, WORLI, MUMBAI AACCG5797M -563,035 65 BHAIRAVNATH DERIVATIVES & COMMODITIES P. A-22 SARNTANAR, BIKANER AACCB6278Q -15,953,500 66 BHASKAR EXXOILS LTD. CHHOTA MALSAPURA POST SIYA DEWAS AAACB6091 M -4,560,172 67 CC- HI68 PAWAN GOYAL 71-O1D AGRAWAL NAGAR ACJPG8224H -89,200 68 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. 107 -CHETAK CENTER - INDORE AABCP1890P -927,868 69 CC-RI10L SATYA PRAKASH KHANNA KANHA SUGAR AGENCY, PEHOWA [HARIYANA] ABJPK5179J -123,242 70 CC-Y101 HEMANT MAVJI BHANUSHALI HOUSE 1 ST FLOOR, D SOUZAWADI SHIVAJI NAGAR- MUMBAI AEPPB0187A -6,680 71 CC-Y76, RAGHURAJI AGRO FAIZABAD ROAD AKBARPUR- AACCR1636G 175,486 -: 56: - 56 INDUSTRIES P.LTD. AMBEDKAR NAGAR 72 CC-Z1 GOOD HEALTH AGROTECH LTD. 1-8-663 AJMABAD INDUSTRIAL AREA- HYEDRABAD AAACG7497G -4,392,500 73 CC-Z17 NEHA KOTHARI PLOT NO. 11 PAIGHA COLONY- SECUNDRABAD AQFPK7267C -236,300 74 CC- Z4 SHALIMAR AGROTECH P. LTD. DOOR NO. 15-1 - 470, OLD PILKHANA- HYDERABAD ABQTA4427I -8,537,495 75 DEEPAK ENTERPRISES 805,PRASHAM KASTURBA GANDHI ROAD RAJKOT AACFD5088M -720,000 76 KRISHNA OIL EXTRACTION LTD. REGD. OFF 821-A URLA IND. AREA RAIPUR AAACK9866D - 44,080,640 77 CORP. OFF : GANGOTRIJ BHAWAN, 33 MANORAMA GANJ, INDORE 78 MOHIT TRADING CO. H.NO.620- JAWAHAR COLONY NEW MANDI- MUZAFFERNAGAR ALXPK8761C - 3,351,197 79 NIKHIL REFINERY 268/20, AABCN5930G - 4,324,500 -: 57: - 57 PVT. LTD. VAKALPUDI LIGHT HOUSE, SURYARAOPET VILLAGE, VAKALAPURI, KAKINDA-05 80 NOBLE RESOURCES TRADING INDIA P. LTD. REGD. 1A VANDANA, BUILDING TOLSTOY MARG, NEW DELHI CORP. OFF NBCC PLAZA TOWER, 4,5 TH FLOOR, PUSHP VIHAR SECTOR 5 NEW DELHI - 9,034,200 81 S.K. PATIDAR KRISHI VIHAR COLONY, INDORE ANHPP3311K -1,900,050 82 SUNITA GUPTA D-13 ASHOKA ROAD, ADARSH NAGAR EXT., NEW DELHI AAXPG2465K 0-583,500 83 VASUDEV LALWANI NASIK AAHPL3027H -18,261 1 TOTAL 123,043,116 - 100,577,827 A.Y. 2009-10 1 AGRI CORE COMMODITIES PVT. LTD.(R) PHARMA SEARCH, 3 RD FLOOR, B.G.KHER MARG, WORLI AACCG5797M 64,298 -: 58: - 58 MUMBAI 2 CC-I62 KIRAN LOHAR 197, TILAK NAGER EXTN. ACDRT2255G 357,900 3 CC-MZ1 MOHIT TRADING CO. H.NO.620- JAWAHARJ COLONY NEW MANDI- MUZZAFFERNAGA R ALXPK8761C 9,756,927 4 CC-RI92 PREMIER INDUSTRIES (IN DIA) LTD. 107, CHETAK CENTRE INDORE AABCP1890P 3,355,583 5 KOSHALYADEVI PALOD C/O GOVIND PALOD, 6-3- 1199, VAMAN NAIKLANE, UMA NAGAR, COLONY, RANGPETH, HYDERABAD AJMPP5181E 90,950 6 SANJAY AGRAWAL 338 SAKET NAGAR INDORE AACPA2243F -1,179,000 7 SONU COMMODITIES & DARIVATIES(P) LTD. A-22 SAMTANAGAR 1ST FLOOR BIKANER AAJCS6745E -2,898,921 8 VIRENDRA BHANDARI 78/3 GRASIM STAFF COLONY, BIRLAGRAM, NAGDA AESPB3600B -1,572,000 9 KRISHNA OIL REGD. OFF 821- AAACK9866D -805,022 -: 59: - 59 EXTRACTION LTD. A URLA IND. AREA RAIPUR CORP. OFF: GANGOTRI BHAWAN, 33 MANORMA GANJ INDORE 10 NOBLE RESOURCES TRADING INDIA P. LTD. REGD. LA VANDANA, BUILDING, TOLSTOY MARG, NEW DELHI - CORP. OFF. NBCC PLAZA TOWER, 4,5 TH FLOOR, PUSHP VIHAR SECTOR5 NEW DELHI - 2,233,798 11 VASUDEV LALWANI NASIK AAHPL3027H 0-526,012 TOTAL 19,275,578 - 3,564,833 5. TABLE B: 6. LIST OF CLIENTS FOR WHOM CONFIRMATIONS WERE FILED AY-03-04 SL. NO. NAME OF THE CLIENT PAN OF THE CLIENT PROFIT TO THE CLIENT LOSS OF THE CLIENT -: 60: - 60 1 AKASH AGRAWAL AACPA5203F 198,400 2 ALLAP DEVELEPERS AABCA8097R 750,500 3 ALLAP PROPERTIES AAPCA8096Q 351,100 4 ARCO ENTERPRISE AACPT9378B 749,500 5 ARUNA ASHOK MECKONI AAFPM7106C 83,900 6 ASHOK KANTILAL MECKONI AAAPM9895M 33,000 7 BASANT KUMAR PARWAL AHBPP4197K 109,100 8 BINAJ M. HALANI AAFPH7682A 142,200 9 CHITRA AGRAWAL AAIPA3251B 154,700 10 D.R.EXPORTS AAAFD3992N 421,000 11 DHARAM CHAND CHORDIA AADPC4406D 719,000 12 ELTEECE TOBECO LTD. AAACE1477E 2,853,700 13 HINDUSTAN CONTINENTIAL LTD. AABCH1575M 22,549,80 0 14 J.V.VASSA HUF AABHV4216J 2,421,920 15 JASMINE ASHOK MECKONI AKBPM5570C 10,800 16 KANTILAL PRAGJI MECKONI AAAPM9894L 65,000 17 LATADEVI V. BACHUKA AHZPB3513H 253,150 18 JAYANTILAL HARICHAND PATEL AAEFJ6843J 1,006,500 19 MAHESH KHANDELWAL ACIPK6031F 123,600 20 MANGLA B. BACHUKA ABUPB2793G 106,330 21 MANUBHAI NAGINDAS SHAH AFQPS1524J 169,800 22 J.B.PATEL ACGPP7009J 108,800 23 S.D.PATEL AFHPP3007L 51,800 24 SUMESH D. PATEL ACGPP7008K 62,600 25 H.J.PATEL ABOPV3604Q 54,300 26 K.J.PATEL ACLPV2768D 50,200 27 R.J.PATEL ACJPP7010D 614,400 28 D.J.PATEL ABOPV3575G 103,100 29 MUKESH V .HALANI AAWPH0487L 313,350 -: 61: - 61 30 PARAN INDUATIES LTD. AACCP2413R 11,006,700 31 NAVJEEVAN ETTERPRIES DEATH CERTI 104,400 32 PARAS MANUBHAI SHAH AFQPS1523R 51,600 33 PARUL RISHI AGRAWAL AHNPA5321L 79,200 34 PRAGESH SATISH NEEMA ABZPN8695E 76,140 35 PRAKASH NEHALANI ACOPN8578Q 24,700 36 RACHIT KHANDELWAL AHWPK7219A 34,000 37 RADHIKA AGRAWAL AEBPA3648H 152,600 38 RAJAVI AGRAWAL AADPK1889N 152,700 39 RAJESHDAGYAYACH HUF AADHR8530F 46,300 40 RAKSHA JAYANTILAL PATEL AAFFR5983G 1,051,400 41 RAKSHA.J.THAKKAR ABQPT3195A 111,930 42 RATAN CHAND JAIN AAKPJ9631J 294,850 43 REENA M.BACHKA AFVPB2058R 209,700 44 RUCHI SOYA LTD. AAACR2892I 17,501,500 45 SANDEEP AGRAWAL AACPA5201H 149,400 46 SATISH KHANDELWAL ADQPK4934N 75,000 47 SATISH NEEMA ABOPN2352F 237,350 48 SHAH ANILKUMAR BALUBHAI ALPHS4696R 997,600 49 SHAH DINSH CHINTU BHAI ALPHS4696R 965,000 50 SHARDA BHIMWAL ACIBP4168L 50,600 51 SHEEL KHANDELWAL ADQPK4913R 20,800 52 SMT.RADHA DEVI KOOLWAL AHRPK1928 51,170 53 SMT.SHANTI DEVI KOOLWAL AKFPK7754A 84,950 54 SOUTH INDIA DEVI KOOLWAL AAGCS5522E 746,800 55 SUDERLAL GUPTA AARPG0427C 1,130,835 56 SANDEEP & CO. AAIPK6225H 862,800 57 SUNDER BAI KANTILAL AAFPM7354L 70,000 -: 62: - 62 58 SURENDRA GOVIND PRASAD SHARMA APKPS0364N 74,330 59 UMADEVI.P.BACHUKA ABUPB2776R 92,940 60 USHA KHANDELWAL ACIPK6030E 21,000 61 VIJAY DANGYACH HUF DEATH CETI FILLED 40,200 62 Y.JAGDISH KUMAR PERSON EXPIRED 283,730 63 ADINATH TRADERS AAFPJ0162G -2,501,590 64 AGRO TECH FOODS LTD. AAECA0303M -265,700 65 AGRAWAL INDUSTRIES AACCA0094R -4,924,900 66 GIRIAJ TRADING CORPORATION ANHPA1722F -2,515,400 67 J.R. AGROINDUATRIES LTD. AAACJ2956P -2,123,700 68 KHEMCHAND KHUMANCHAND SAHU AAKFK0737G -2,000,590 69 LIBERTY OILS MILLS LTD. AAACL0888N -67,703,100 70 PAREKH FOODS LTD PUNE AABCT0312N -41,734,010 71 PRIYANKA OVERSEAS LTD. AAACP0070Q -1,133,500 72 RAJENDRA PRACHUDAS POBARU ACIPP9612R -1,002,450 TOTAL 71,483,775 -125,904,940 7. AY.2004-05 1 A.PRADEEP COMMODITIES AAJFA8925D 70,400 2 A.PRADEEP KUMAR & CO. AABPT2192B 30,200 3 AJAY KEDIA HUF AAFHA1724G 51,500 4 AKAMAR OILS & FAT LTD. AADCA3673P 5,076,500 5 ALOK JAIN AFAPJ8476J 124,300 6 AMBIKA SOLVEX AACCA5958N 303,290 -: 63: - 63 7 ANAND KUMAR GUPTA ADRPG1806G 61,360 8 ANIL MAHESHWARI AGOPM2695K 49,500 9 BHAKTI FOODS PVT LTD AACCB37179 99,960 10 BHARAT J.P.BACHUKA HUF AAAHB8013J 197,700 11 CHITMAL AGRAWAL ABXPA6742P 69,800 12 GANYATRI DEVI V.BACHUKA AHZPB3514A 262,600 13 GOOD HEALTH AGRO TEC.LTD. AAACG7497G 6,365,520 14 HEM CHANDRA AGRAWAL ADEPA3422H 100,030 15 HEMA KEDIA AFKPK2732G 51,000 16 JAGDISH PRASAD P.BACHUKA HUF ABUPB2786P 202,770 17 KISHORE VISHWANATH BACHUKA AFBPB2057A 301,710 18 LATADEVI V. BACHUKA AHZPB3513H 267,400 19 IILA DEVI J.BACHUKA AHZPB3513H 249,900 20 LEO EDIBLES & FATS AAACL3059J 1,435,500 21 LEO GLOBAL STOCK P LTD. AAANL1525N 1,128,900 22 MAHESH KEDIA HUF AAFHM5432F 51,000 23 MAGAL B.BACHHUKA ABUPB2793G 269,000 24 MANISH KUMAR V. BACHHUKA AAHHM6993B 301,710, 25 NARAYAN JI GUPTA ACFPG8519F 1,339,300 26 NAV MAHARASHTRA CHHAKAN OIL MIL AAACN9941J 864,750 -: 64: - 64 27 NAVJEEVAN ENTERPRIES DEATH CERTI 691,550 28 NILESH LADDHA ABHPL8074F 104,950 29 PANKAJ VASANT KUMAR BACHHUKA AAAHV6959B 301,710 30 PRAKASH FOODS LTD. AABCT0312N 6,700,050 31 PAWAN KUMAR J.P.BACHUKA HUF AABHP0411K 203,600 32 PRADEEP JAMADAS THAKAR HUF AAAHP5712Q 78,000 33 REENA M. BACHUKA AFVPB2058R 253,600 34 ROHAN ASHOK KUMAR NEEMA ADEPN0632J 30,500 35 SARDAR DEVEVDER SINGH RAJPAL HUF AAEHD3353B 66,500 36 SARDAR JOGINDER SINGH RAJPAL HUF AADHJ8745C 66,500 37 SARDAR KAWALJEET SINGH RAJPAL HUF AAGHKO118M 66,500 38 SARDAR SATPAL SINGH RAJPAL HUF AANHS9348L 66,500 39 SHRI GANESH INVESTMENT P.LTD AALFS7894K 304,380 40 SOUTH INDIA EDIBLE P.LTD. AAGCS5522E 267,275 41 SUDHA KEDIA AFKPK2731FY 51,000 42 SUNDERLAL GUPTA INVESTMENT P.LTD. AAHCS6857K 2,951,300 43 SUNIL KEDIA HUF AAFHA1724G 53,500 44 SURENDRA SHARMA APKPS0364N 156,270 -: 65: - 65 KANPUR 45 SWATI KEDIA HUF ABLPJ6826D 249,900 46 UMA DEVI V. BACHUKA HUF ABUPB2776R 249,800 47 VASANT KUMAR P.D. BACHUKA HUF AAAHV6959B 202,600 48 VISHAL KISHANGOPAL PUROHIT AINPP0589K 102,600 49 VISHWANATHP.D. BACHUKA HUF AAAHV6960L 203,600 50 AGRWAL INDUSTRIES AACCA0094R -4,212,100 51 AND AGRO FOOD LTD. AACCA5640D -3,172,200 52 BHASKAR EXXOIL LTD AAACB6091M -4,526,800 53 D.R.EXPORT AAAFD3992N -486,400 54 LAXMI SOLVEX AAACL1082G -15,517,150 55 PRIYANKA OVERSEAS LTD AAACP0070O -1,690,000 56 SARVOTTAM VEG.OIL.REF.P.LTD. AAFCS7200J -1,163,700 57 SHARDA SOLVENT AAECS6522Q -1,544,100 58 Y.JAGDISH KUMAR EXPIRED -4,196,200 TOTAL 32,747,905 -36,508,650 AY-2005-06 1 ADAN EXPORT LTD AABCA2804L 97,000 2 ALOK JAIN AFAPJ8447J 149,880 3 ANIL INDUSTRIES AGOPM2695K 105,350 4 ANITA MAGAL AITPM0699Z 74,670 5 ANUJ AGRAWAL ABXPA1794M 959,500 -: 66: - 66 6 D.R.EXPORT AAAFD3992N 2,105,000 7 GAURAV KOTHARI APAPK0167P 399,000 8 JIMMY AGRAWAL AREPS4677C 49,260 9 LOVELY AGRAWAL ADLPA2637D 75,870 10 M/S LAXMINARAYAN LADDHA ABHPL8074F 249,820 11 NAKODA COMMODITIES PVT LTD AABCN4954C 203,400 12 NARAYANJI GUPTA ACFPG8519F 200,500 13 OM INDUSTRIES AAAFA3073P 6,491,300 14 RAJENDRA PRABHUDAS POBARU ACIPP9612R 1,986,500 15 RAJENDRA RAMESHWARDAYAL MAGAL AAJHR3661K 79,490 16 RAJESH PATNI AKGPP1548L 1,323,490 17 RADHIKA AGRAWAL AGSPA0088Q 77,170 18 RUCHI SOYA LTD AAACR2892I 18,857,300 19 SHRI HANS TRADERS AAPPN8289D 696,100 20 SMT. SITA DEVI AGRAWAL AGDPM3556J 89,300 21 SANGEETA MAGAL AGDTM3347B 81,590 22 VEIBHAV LAXMI INVESTMENT AAZPK2156L 527,600 23 VIJAYRAMESHHWAR DAYAL MAGAL HUF AADHV8779N 75,600 24 VINOD RAMESHWAR DAYAL MAGAL HUF AADHV8778B 80,690 25 RAGHUNATH AGENCY AAACR0362F 1,707,410 -: 67: - 67 26 SAURAV AGARWAL ADJPA9811F 49,560 27 AKALMAR OIL & FAT LTD AADCA3573P -5,364,160 28 AND AGRO FOODS LTD. AACCA5640D -794,450 29 BHASKAR EXXOIL LTD. AAACB6091M -3,130,700 30 DAYAL AGRO PRAODUCT LTD AABCD2713R -493,000 31 GOOD HEALTH AGRO TEC LTD AAACG7497G -830,970 32 LAXMI SOLVEX AAACL1082G -16,905,200 33 MADHU TRADING CO. ABLPA2872L -150,000 34 MAHARASHTRA OIL EXTRUCTION PVT LTD AABCM5897M -390,400 35 MAHENDRA AGRAWAL AFJPA9365C -117,921 36 PADMAWATI OILS PVT LTD. -261,700 37 PAREKH FOODS LTD. AABCT0312N -4,107,050 38 R.C.G. FINANCE PVT.LTD. AAACR9505L -4,116,950 39 SMT.KALAWATI SURJAN NOT HAVING 1,312,350 40 SOUTH INDIA EDIBLE OILS DELHI AAGCS5522E -399,000 41 Y. JAGDISH KUMAR EXPIRED -15,000 TOTAL 36,792,350 -38,388,851 AY-2006-07 1 ANKITA BAGANI AIYPB3894M 101,000 2 B.S.TRADERS AADHP5284Q 10,250 3 DIPIKA BAGANI AIYPB3895L 102,600 -: 68: - 68 4 DIPTI BAGANI AIYPB3892P 106,800 5 KAILASH NAHAR HUF AADHN6548K 155,360 6 NOVA TRADING PVT. LTD AAACN9195J 2,696,350 7 PUJA KOOLWAL ADZPK7635H 94710 8 PUJA VAISHYA ABJPV5077G 127,400 9 RAKESH KUMAR GOYAL AAFHR8655F 61,100 10 SANDEEP VAISHYA ABJPV5076H 30,600 11 SHAKUN VAISHYA ABCPV3508P 168,400 12 SUCHITA NAHAR ADQPN2302K 123,990 13 ANURADHA TIWARI ADHPT7982N 111,500 14 BHUPENDRA CHAGANLAL SHAH HUF AAAHB9874K 134,000 15 SMT.SAROJ SONI ATGPS4238P 13,800 16 GAURISHANKAR BHAVSAR HUF AACHG5560R 21,600 17 GAUDHANDAS SONI AHCPS6179H 74,000 18 AGRAWAL INDUSTRIS AACCA0094R 335,000 19 AMIT SHIVANI ANZPS4422Q 225,410 20 ANANT STEEL PVT.LTD AACCA1283E 2,000,700 21 ANIL NEEMA HUF AAHHA4650F 103,620 22 ANKITA BHAGANI AIYPB3894M 101,000 23 ANUJ AGRAWAL ABXPA1794M 1,515,950 24 ARPIT SHAH AEBPJ3556P 145,600 25 ARUN AGRAWAL AGNPA8540J 111,300 26 ARUNABEN SHAH ADUPS9492D 77,100 27 ARUNA JAIN AEOPJ7951B 103,666 -: 69: - 69 28 ALKA JAIN AEOPJ7953 93,510 29 ASHA DEVI GOYAL ADZPG7760K 101,180 30 NARENDRA KUMAR AGRAWAL ADAPA0131B 1,022,200 31 BHASKAR EXXOIL LTD. AAACB6091M 875,750 32 BHAVNA JAIN ADZPG7761 101,180 33 BHAVNA GOYAL ABGPJ2149 180,180 34 AND AGRO FOODS LTD. AABCA2804L -63,000 35 AND AGRO FOODS LTD. AACCA5640D -354,350 TOTAL 11,226,806 -417,350 AY-2007-08 1 AKASH AGRAWAL AACPA5203F 329,750 2 ANIL AGRAWAL AAAHA 1454L 200,300 3 CC-HSSURESH CHANDRA AGRAWAL AAPHS9925M 56,000 4 CC-HD51 HASMUKH BHAI PACHAL ADRPP6712E 50,200 5 CC-M63 SHEETAL PARYANI AJVPP7846D 137,180 6 CC-R160 MOHIT BETALA AHOPB2399E 291,520 7 CC-R161 VINAY BETALA ACAPV2144A 290,200 8 CC-R165 OMPRAKESH AGRAWAL AEJPA3163M 4,550 -: 70: - 70 9 CC-R192 PRIMIER INDUSTRIES INDIA LTD. AABCP1890P 636,600 10 CC-RS51 SURENDRA KUMAR AGRAWAL ACQPK3153N 105,000 11 VIKASH SHIVHARE NOT FURNISH BY CLIENT COPY OF KYC ENCL. 16,900 12 CC-Y22 DEEPK JAIN ABMPS1728A 60,700 13 CC-Y7 RAKESH JAIN AEVPJ3441F 30,100 14 CC-Z17 NEHA KOTHARI AQFPK7267C 361,600 15 CC-Z8 SANJAY SHAH ABTPS 7390H 498,520 16 CHANDRA MOHAN DAMANI AIRPD2282N 15,300 17 ESSANCE INVESTMENT & FINANCE LTD. AABCE3874A 105,000 18 GLENCORE GRAIN INDIA (INDORE) AACCG5797M 654,000 19 GOOD HEALTH TECH P.LTD. AAACG7497G 581,060 20 HASMUKH BHAI PANCHAL ADRPP6712E 100,200 21 HIRA AGRO INDUTRIES AKOLA AAAFH8616B 2,555,750 22 IDEA INTERNATIONAL P.LTD. AABCH1527J 1,858,700 23 K.S.OILS LTD. AABCK3119J 120,500 24 KAILASH NAHAR AADHN6548K 70,200 25 KRISHNA KUMAE AAXPG2465K 1,125,150 26 M/S LAXMINARAYANJI LADDHA ABHPL8074F 206,600 27 MOHIT TRADING CO. ALXPK8761C 20,202,800 -: 71: - 71 28 MONA NAGWANI AAQPN6516N 109,400 29 MUKUL GOYAL ABUPG5573D 44,400 30 NEHA NAHAR AELPN8413K 62,000 31 NILOFAR SHAIKH AWLPS7195P 101,900 32 PREM BALANI AEZPB2436C 93,570 33 RADHA BALANI AEZPB2436C 99,300 34 RAKESH KUMAR GOYAL HUF AAFHR8655F 112,300 35 S.C.GOYAL ABUPG5575F 44,100 36 SANDEEP AGRAWAL AAKHS9044L 200,300 37 SANJAY JAIN ASXF5442J 196,530 38 SANTOSH GOYAL ABUPG5576G 42,500 39 SHAZIA BEE AJLPB0187H 101,300 40 SMT.TRADEVIKISHAN GOPAL PUROHIT ABOPP1396H 130,710 41 SMT, CHITRA AGRAWAL AAIPA3251B 85,400 42 SUCHITA NAHAR ADOPN2302K 62,000 43 T.R.NAGWANI HUF AADHN4553J 56,200 44 TANU GARG AFAPG3610F 442,040 45 TARUNA AGRAWAL AHLPA8029M 122,500 46 TEJUMAL BAGANI ABLPB5629G 80,800 47 VARSHA AGRAWAL W/O MANISH AGRAWEAL ACZPA5191R 2,036,150 48 VASTU COMMODITIES P.LTD. AAACV0897P 837,600 49 VISHAL KISHANGOPAL PUROHIT AINPP0589K 120,620 50 ZUBEDA C.KHAN AHBPB5941K 100,700 51 AMIT SHIWANI ANZPS4422A -25,600 52 AND AGRO FOODS AACCA5640D -5,936,550 -: 72: - 72 P.LTD. 53 ANURADHA TIWARI ADHPT7982N -72,000 54 BHASKAR EXXOILA LTD. AAACB6091M -2,470,000 55 BHUPENDRA CHAGANLAL SHAH HUF AAAHB9874K -9,000 56 CC-HA11 NIKHIL M AGRAWAL AGMPA1045P -761,090 57 CC-HI57GIRIRAJ K.GUPTA HUF ABSPG3406F -17,550 58 CC-M60 SUSHIL KUMAR JAIN AESPJ1377H -157,870 59 CC- RJ101 SATYA PRAKASH CHHAJED ABJPK5179J -90,800 60 CC-RK74 SURENDRA SHARMA APKPS0364N -471,565 61 CC-RTS1 MANOJ KUMAE CHHAJED AECPC8057M -122,430 62 CC-PARMANAND LALCHAND AACFP2884K -920,150 63 CC-SS6 ROHIT AGRAWAL AERFA2470H -49,500 64 CC-Z2 PURNA CHANDA ABHPB6263E -181,300 65 CC-Z3 BINDU SARIYA EXTRACTION ACFPK6337D -289,900 66 CC-Z4 SHALIMAR AGROTECH P.LTD. ABOTA4427I -513,900 67 GLENCORIAL GRAIN INDIA BOMBAY AACCG5797M -784,000 68 IMPERIALMARKTRAADE INDIA P LTD. HUF AACI5243L -238,600 -: 73: - 73 69 JAYANTILAL CHAGALAL SHAH HUF AAAHJ8065N -9,000 70 JITENDRA LAKHOTIA SHAH HUF AADHJ0571N -7,800 71 KAMAL AHUJA AFIPA4008H -5,700 72 LALIT SHIVANI BYSPS9739P -27,200 73 LAXMI SOLVEX AAACL1082G -20,688,000 74 MADHAV SHARMA AGRAWAL AAEHM8835M -61,640 75 NOVA TRADING P.LTD. AAACN9195J -108,400 76 PRAKASH CHAGALAL SHAH HUF AABHP3142D -9,000 77 R.K.IMPEX AABCR2580A -3,500 78 RAJESH GUPTA AEIPG4222M -2,141,300 79 SATGURU OIL INDUSTRIES ACUPC8733A -937,700 80 SHARDA SALVENT AAECS6522Q 8,407,100 81 SIDDHARTH SOYA AACCG5797M -289,550 82 SUSHIL KUMAR GANBHIR & SONS AAMHS3466C -301,800 83 VISHAL VICTORY OILTECH PVT. LTD. AABCV0848F -3,499,500 TOTAL 35,946,400 -49,608,995 A.Y.- 2008-09 1 AGRI CORE COMMODITIES PVT. LTD. AACCG5797M 4,399,550 2 ALKA JAIN AEOPJ7953D 94,900 3 AMAN GUPTA AJVPG3498A 104,000 4 ANUPAMA BOTHRA AJQPB4814N 125,700 5 ARUNA JAIN AEOPJ7951B 97,100 -: 74: - 74 6 BANWARI SATYANARAYAN BAJAJ ABJPB6391B 506,900 7 CC-HI65 ARUN AGRAWAL AGNPA8540J 434,000 8 CC-M63 SHEETAL PARYANI AJVPP7846D 85,000 9 CC-RT51 MANOJ KUMAR CHHAJED AECP8057M 32,830 10 CC-S4 PARMANAND LALCHAND AACFP2884K 429,156 11 CC-Y110 MAHENDRA KUMAR JAIN APTPS8360M 74,200 12 CC-Y84 DILIP KUMAR ANGARA AAEHD3495E 450,200 13 CHANCHAL BALANI AHDPB9907D 119,700 14 DAMMANI INVESTMENTS AAEFD5777F 20,032,300 15 GAURAV KOTHARI APAPK0167P 217,500 16 GUNMALA JAIN ABXPB7380P 54,000 17 GURPAL KHURANA AGGPK2851F 2,006,750 18 HANUMAN MAL RANKA ABJPR1893E 2,621,600 19 HARISH BAGANI ALZPB7943B 79,600 20 INDERMAL JAIN HUF AAAHI2655F 85,600 21 INDIRA AGRAWAL AFNPA4285P 286,050 22 KACHHAWA COMMODITIES (P) LTD. AACCK9672M 9,860,200 23 KAILASH NAHAR HUF AADHN6548K 138,200 24 KUSUM SHYAMSUKHA AMVPS6193H 110,700 25 M/S.LAXMINARAYAN LADHHA ABHPL8074F 314,900 26 MAHAVEER RANKA AGBPR3427R 4,529,300 27 MAHESH BHARANI ABXPB7380G 115,100 28 MAHESHWARI FINANCE AALFM1538N 4,028,700 29 MONA NAGWANI, INDORE AAQPN6516N 98,800 30 NAVIN KHATRI AKAPK8144M 2,504,700 31 NEHA KOTHARI AQFPK7267C 200,200 32 NEHA NAHAR AELPN8413K 219,700 -: 75: - 75 33 NILOFAR SHAIKH AWLPS7195P 105,000 34 PARMANAND NAGWANI HUF AAJHP4428G 125,800 35 PRAVEEN KUMAR SHYAMSUKHA AAIPS9095H 106,100 36 PREM BALANI AEZPB2436C 168,800 37 PUNAM CHAND KACHHAWA AOQPK0151C 8,239,700 38 R.K. BALANI HUF AALHR5273H 130,831 39 RADHA BALANI AEZPB2436C 162,800 40 RADHE COMMODITY ADZPR8746A 2,986,340 41 RADHESHYAM RATHI HUF AAKHR4091Q 356,375 42 RAJKUMAR MUTHA HUF ABMPM0247L 635,751 43 RAKESH KUMAR GOYAL (HUF) AAFHR8655F 83,200 44 RITESH JAIN HUF AAFHR8655F 84,400 45 S.G.P.PRODUCTS AABHS8266H 202,000 46 SANJAY AGRAWAL AACPA2243F 4,093,930 47 SANJAY GUPTA AEMPG3459D 60,100 48 SANTOSH GOYAL ABUPG5576G 60,100 49 SATHISH SHANKAR LAL KOTHARI ADEPK3084B 3,606,600 50 SEEMA AGRAWAL AGAPA4036D 639,400 51 SHAH BHAVESH MAHESHWARI AVUPS3595F 7,013,220 52 SHARDA SALVENT AAECS6522Q 7,587,267 53 SHAZIA BEE AJLPB0187H 105,000 54 SHOBHA KOTHARI ACJPK1431 903,400 55 SMT. TARADEVI KISANGOPAL PUROHIT ABOPP1396H 119,300 56 SONAL SURANA ADEPK3088P 809,660 57 SONU COMMODITIES & DARIVATIES (P) LTD. AAJCS6745E 15,208,990 58 SUCHITA NAHAR ADQPN2302K 273,800 59 URMILA GUPTA ABXPG9407H 300,300 -: 76: - 76 60 USHA JAIN ANXPJ0159M 98,000 61 VINOD KUMAR BHANSALI & SONS (HUF) AADJV6880J 399,200 62 VIRENDRA BHANDARI AESPB3600B 13,772,416 63 ZUBEDA C. KHAN AHBPB5941K 105,000 64 AGRI CORE COMMODITIES PVT. LTD. AACCG5797M -563,035 65 BJAORAVNATHJ DERIVATIVES & COMMODITIES P. AACCB6278Q -15,953,500 66 BHASKAR EXXOILS LTD. AAACB6091M -4,560,172 67 CC-HI68 PAWAN GOYAL ACJPG8224H -89,200 68 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. AABCP1890P -927,865 69 CC-RI101 SATYA PRAKASH KHANNA ABJPK5179J -123,424 70 CC-Y101 HEMANT MAVJI BHANUSHALI AEPPB0187A -6,680 71 CC-Y76 RAGHURAJI AGRO INDUSTRIES P. LTD. AACCR1636G -1,175,486 72 CC-Z1 GOOD HEALTH AGROTECH LTD. AAACG7497G -4,392,500 73 CC-Z17 NEHA KOTHARI AQFPK7267C -236,300 74 CC-Z4 SHALIMAR AGROTECH P. LTD. ABQTA4427I -8,537,495 75 DEEPAK ENTERPRISES AACFD5088M -720,000 76 KRISHNA OIL EXTRACTION LTD. AAACK9866D -44,080,640 77 MOHIT TRADING CO. ALXPK8761C -3,351,197 78 NIKHIL REFINERY PVT. LTD. AABCN5930G -4,324,500 79 NOBLE RESOURCES TRADING INDIA P. LTD. -9,034,200 -: 77: - 77 80 S.K.PATIDAR ANPP3311K -1,900,050 81 SUNITA GUPTA AAXPG2465K -583,500 82 VASUDEV LALWANI AAHPL3027H -18,261 TOTAL 123,043,116 -100,577,827 A.Y. 2009-10 1 AGRI CORE COMMODITIES PVT. LTD. (R) AACCG5797M 64,298 2 CC-I62 KIRAN LOHAR ACDRT2255G 357,900 3 CC-MZ1 MOHIT TRADING CO. ALXPK8761C 9,756,583 4 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. AABCP1890P 3,355,583 5 KOSHALYADEVI PALOD AJMPP5181E 90,950 6 SANJAY AGRAWAL AACPA2243F 1,179,000 7 SONU COMMODITIES & DARIVATIES (P) LTD. AAJCS6745E 2,898,921 8 VIRENDRA BHANDARI AESPB3600B 1,572,000 9 KRISHNA OIL EXTRACTION LTD. AAACK9866D -805,022 10 NOBLE RESOURCES TRADING INDIA P. LTD. -2,233,798 11 VASUDEV LALWANI AAHPL3027H -526,012 TOTAL 19,275,578 -3,564,833 8. 9. TABLE C LIST OF CLIENT IN WHOSE CASES CONFIRMATION AND ITR HAVE BEEN FILED A.Y. 2003-04 SL.N O. NAME OF THE CLIENT PAN OF THE CLIENT PROFIT TO THE CLIENT AS PER INCOME TAX RETURN OF LOSS TO THE CLIENT -: 78: - 78 THE CLIENT GROSS INCOME RETURNED INCOME SPECULATION PROFIT / LOSS SHOWN IN ITR 1 J.B.PATEL ACGPP7009J 108,800 133,156 128,700 --- 2 SUMESH D. PATEL ACGPP7008K 62,600 88,794 79,180 --- 3 R.J.PATEL ACPP7010D 6,14,400 108,817 101,900 --- 4 PRAKASH NEHALANI ACOPN8578Q 24,700 55,410 55,410 24,700 5 RAJESH JAYANTILAL PATEL AAFFR5983G 1,051,400 2,380 2,380 --- TOTAL 1,861,900 AY 2004-05 1 ANITA MANGAL AITPM0699Z 74,670 94,530 94,530 74,670 2 M/S. LAXMINARAYAN LADDHA ABHPL8074F 249,820 192,480 141,284 249,820 3 RAJENDRA RAMESHWARDAYAL MANGAL HUF AAJHR3661K 79,490 15,600 15,600 --- 4 SMT. SITABAI AGRAWAL AGDPM3356J 89,300 97,500 97,500 --- 5 SANGEETA MANGAL AGDTM3347B 81,590 82,729 82,729 --- 6 VIJAY RAMESHWARDAYAL MANGAL HUF AADHV8779N 75,600 60,440 60,440 35,000 7 VINOD RAMESHAWAR DAYAL MANGAL HUF AADHV8778B 80,690 53,130 53,130 --- -: 79: - 79 A.Y- 200 6-07 1 KAILASH NAHAR HUF AADHN6548K 155,360 169,213 166,040 155,360 2 SUCHITA NAHAR ADQPN2302K 123,990 172,040 140,630 123,990 3 AMIT SHIVANI ANZPS4422Q 225,410 289,972 245,620 --- A.Y.2007-08 1 CC-H5 SURESH CHANDRA AGRAWAL (HUF) AAPHS9925M 56,000 107,070 107,070 211,885 2 ESSENCE INVESTMENT & FINANCE LTD. AABCE3874A 105,000 85,877 85,877 105,000 3 KAILASH NAHAR HUF AADHN6548K 70,200 229,207 224,150 176,617 4 MONA NAGWANI AAQPN6516N 109,400 1,203,720 1,203,720 124,400 5 MUKUL GOYAL ABUPG5573D 44,100 132,985 91,199 44,100 6 NILOFAR SHAIKH AWLPS7195P 101,900 140,410 140,410 101,900 7 S.C.GOYAL ABUPG5575F 44,100 137,719 100,530 44,100 8 SANTOSH GOYAL ABUPG5576G 42,500 151,669 120,185 42,500 9 SHAZIA BEE AJLPB0187H 101,300 147,330 147,330 101,300 10 T.R.NAGWANI HUF AADHN4553J 56,200 110,077 110,080 56,200 11 TANU GARG AFAPG3610F 442,040 426,908 364,220 --- 12 TEJUMAL BAGANI ABLPB5629G 80,800 125,481 109,200 80,800 13 ZUBEDAJ C. KHAN AHBPB5941K 100,700 90,740 90,700 --- 14 AMIT SHIWANI ANZPS4422A -25,600 15 CC-HA 11 NIKHIL M AGRAWAL AGMPA1045P -761,090 16 LALIT SHIWANI BYSPS9739P -27,200 -: 80: - 80 17 VISHAL VICTORY OILTECH PVT. LTD. AABCV0848F -3,499,500 TOTAL 1,354,240 -4,313,390 A.Y. 2008-09 1 AMAN GUPTA AJVPG3498A 104,000 233,556 143,560 103,577 2 ANUPAMA BOTHRA AJQPB4814N 125,700 147,004 147,000 70,000 3 CC-HI65 ARUN AGRAWAL AGNPA8540J 434,000 1,718,000 1,618,000 --- 4 GAURAV KOTHARI APAPK0167P 217,500 337,285 237,290 5 GUNMALA JAIN ABXPB7380P 54,000 113,780 99,980 54,000 6 HANUMAN MAL RANKA ABJPR1893E 2,621,600 242,736 137,870 2,619,309 7 HARISH BAGANI ALZPB7943B 79,600 100,055 84,660 --- 8 INDERMAL JAIN HUF AAAHI2655F 85,600 114,860 100,260 85,600 9 KAILASH NAHAR HUF AADHN6548K 138,200 242,234 136,170 133,700 10 KUSUM SHYAMSUKHA AMVPS6193H 110,700 375,010 275,010 110,700 11 M/S LAXMINARAYAN LADDHA ABBPL8074F 314,900 279,121 126,520 314,227 12 MAHAVEER RANKA AGBPR3427R 4,529,300 990,783 858,470 1,483,899 13 MAHESHWARI FINANCE AALFM1538N 4,028,700 -2,849 -2849 -2,849 -- 14 MONA NAGWANI, INDORE AAQPN6516N 98,800 177,654 139,200 108,800 15 NAVIN KHATRI AKAPK8144M 2,504,700 196,699 146,990 --- 16 NILOFAR SHAIKH AWLPS7195P 105,000 143,168 143,170 105,800 17 PARMANAND NAGWANI HUF AAJHP4428G 125,800 146,000 146,000 135,800 -: 81: - 81 18 PRAVEEN KUMAR SHYAMSUKHA AAIPS9095H 106,100 401,519 293,377 106,100 19 PREM BALANI AEZPB2436C 168,800 339,230 239,930 173,000 20 PUNAM CHAND KACHHAWA AOQPK0151C 8,239,700 274,580 174,580 2,691,510 21 R.K.BALANI HUF AALHR5273H 130,831 207,872 109,872 130,832 22 RADHA BALANI AEZPB2436C 162,800 290,175 190,175 167,200 23 RADHE COMMODITY ADZPR8746A 2,986,340 217,651 111,690 -60,063 24 RADHESHYAM RATHI HUF AAKHR4091Q 356,375 217,651 111,690 -60,063 25 RAKESH KUMAR GOYAL (HUF) AAFHR8655F 83,200 165,243 165,240 98,200 26 S.G.P. PRODUCTS AABHS8266H 202,000 241,788 141,790 201,617 27 SANJAY GUPTA AEMPG3459D 103,300 283,146 163,820 103,177 28 SANTOSH GOYAL ABUPG5576G 60,100 166,550 120,066 60,100 29 SATISH SHANKAR LAL KOTHARI ADEPK3084B 3,606,600 1,021,960 921,960 860,032 30 SHAZIA BEE AJLPB0187H 105,000 105,070 105,070 105,000 31 SHOBHA KOTHARI ACJPK1431E 903,400 357,050 357,050 200,437 32 SMT. TARADEVI KISANGOPAL PUROHIT ABOPP1396H 119,300 147,018 147,018 119,148 33 SONAL SURANA ADEPK3088P 809,660 259,419 159,420 --- 34 SONU COMMODITIES & DARIVATIES (P) LTD. AAJCS6745E 15,208,990 -2,432,601 -2,432,601 --- 35 SUCHITA NAHAR ADQPN2302K 273,800 270,495 239,080 162,971 36 VIRENDRA BHANDARI AESPB3600B 13,772,416 1,218,282 1,118,280 13,015,700 37 ZUBEDA C. KHAN AHBPB5941K 105,000 105,031 105,030 105,000 38 BHAIRAVNATH DERIVATIVES & AACCB6278Q -15,953,500 -: 82: - 82 COMMODITIES P. LTD. 39 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. AAACK9866D -927,868 40 KRISHNA OIL EXTRACTION LTD. AAACK9866D -44,080,640 TOTAL 63,181,812 -60,962,008 A.Y. 2009-10 1 CC-RI92 PREMIER INDUSTRIES (INDIA) LTD. AABCP1890P 3,335,583 NIL NIL --- 2 SONU COMMODITIES & DARIVATIES (P) LTD. AAJCS6745E 2,898,921 911,453 NIL --- 3 VIRENDRA BHANDARI AESPB3600D 1,572,000 1,179,870 1,079,870 1,839,500 4 KRISHNA OIL EXTRACTION LTD. AAACK9866D 7,276,636 7,274,090 -- 5 KRISHNA OIL EXTRACTION LTD. AAACK9866D -805,022 4.2.5 I HAVE CONSIDERED THE ISSUE. WHAT I FIND ADDITION HAS BEEN MADE BY THE A.O. JUST BECAUSE ASSESSEE COULD NOT FURNISH THE ITRS AND BALANCE SHE ET OF THE CLIENTS FOR WHOM THE ASSESSEE HAD EFFECTED TRANSACTIONS ( SAUDA) THROUGH THE NBOT EXCHANGE. IN -: 83: - 83 MY CONSIDERED VIEW THIS REQUIREMENT HAS CASTED A VE RY HEAVY BURDEN ON THE ASSESSEE TO COLLECT THE ITRS O F ALL HIS CLIENTS AND TO DEMONSTRATE THAT THE INCOME/ PRO FIT PASSED ON TO THAT CLIENT HAS BEEN REFLECTED IN THEI R RESPECTIVE RETURNS. THE BASIC QUESTION ARISES THAT IN CASE THE CLIENT HAS NOT SHOWN THAT INCOME IN HIS RE TURN THEN WHO IS TO BE FAULTED- ASSESSEE OR THE CLIENT ? WHETHER IN THAT CIRCUMSTANCES, THAT PROFIT / INCOME WHICH WAS PASSED ON THROUGH BANKING CHANNELS TO THE CLIENT COULD BE ASSESSED IN THE HAND OF THE ASSESSE E. ADMITTEDLY, THE ASSESSEE HAD FILED THE COPIES OF BA NK STATEMENT IN SUPPORT OF ITS CLAIM THAT THE FUNDS ON ACCOUNT OF SETTLEMENT OF VARIOUS SAUDAS FOR AND ON BEHALF OF THE CLIENTS, WERE TRANSFERRED FROM EACH O THERS ACCOUNT THROUGH BANKING CHANNEL ONLY. NOT A SINGLE CASE HAS BEEN POINTED OUT BY THE A.O. AGAINST THIS CLAIM OF THE ASSESSEE. THE ASSESSMENT PROCEEDINGS. I FIN D THE A.O. HAD NOT GIVEN ANY WEIGHTAGE TO THE CONFIRMATIO NS FILED BEFORE HIM. THESE CONFIRMATIONS, THOUGH FURNI SHED IN RESPECT OF ONLY FEW CLIENTS, WERE ON THE COPY OF THE -: 84: - 84 LEDGER ACCOUT AS APPEARING IN THE BOOKS OF ACCOUNTS OF THE ASSESSEE. THE CONCERNED CLIENTS HAD DULY SIGNED THOSE ACCOUNTS. THEY HAD ALSO MENTINED THEIR PAN. T HE A.O. HOWEVER, PREFERRED TO IGNORE THOSE DOCUMENTS F OR THE REASONS THAT ASSESSEE COULD NOT SUBMIT EVIDENCE OF RECOGNITION OF INCOME BY THOSE CLIENTS I.E. THEIR I TRS. IN MY CONSIDERED OPINION, SCUH CONFIRMATION TOGETHER W ITH THE BANK STATEMENT EVEINDENCING THE TRANSFER OF FUN D THROUGH BANKING CHANNEL ITSELF SHOULD HAVE BEEN TAK EN AS ADEQUATE EVIDENCE IN SUPPORT OF TRANSFER OF PROF IT TO THE CLIENTS. 4.2.6 NEVERTHELESS, AS DISCUSSED IN PARA 4.2.4 ABOVE, THE ASSESSEE HAS FURTHER FILED SOME OF THE CONFIRMATIONS AND ITRS OF THE CLIENTS AS ADDITIONAL EVIDENCE. THOSE ADDITIONAL EVIDENCES HAVE BEEN ADMITTED BY ME. BASED ON THE CONFIRMATIONS AND ITRS THE INFORMATION IN THE TABLE-A, TABLE-B AND TABLE-C HAVE BEEN PREPARED AND THE SAME FINDS PLACE IN PARA 4.2.4 ITSELF. FROM THE TABLE-C, IT IS OBSERVED THAT ALL THOSE CLIENTS, WHOSE ITRS WERE COLLECTED BY THE -: 85: - 85 ASSESSEE, HAVE BY AND LARGE REFLECTED THEIR NBOT PR OFIT IN THEIR RESPECTIVE RETURNS. THOUGH, EVEN AT THIS S TAGE, THE ASSESSEE HAS NOT BEEN IN A POSITION TO COLLECT THE ITRS OF ALL THEIR CLIENTS, BUT WHATEVER EVIDENCES H AVE BEEN FILED, DOES EVIDENCE THE FACT THAT ASSESSEE HA D DONE THE SPECULATIVE BUSINESS FOR AND ON BEHALF OF CLIENTS ALSO. I ALSO NOTICE THAT THE A.O. HAS BEEN INCONSIDERATE TO THE EXTENT THAT HE MADE ADDITION I N RESPECT OF THE PROFITS PASSED ON TO THE CLIENTS BUT DID NOT CONSIDER AT ALL THE INSTANCES WHERE CLIENTS HAD SUF FERED LOSSES WHICH HAD RESULTED INCREASE IN THE ASSESSEE S TOTAL INCOME. THE TABLE NO.3 (IN PARA 4.2) DETAILS THE AMOUNT OF PROFIT AND LOSSES TO THE CLIENTS. IT IS O BSERVED THAT IN A.Y. 2003-04, THE TOTAL PROFIT PASSED ON TO THE CLIENT WAS RS. 7,20,04,485/- AS AGAINST THE TOTAL L OSSES (TO THE CLIENTS) OF RS. 13,18,65,030/-. THIS MEANS THROUGH THE TRANSACTIONS FOR AND ON BEHALF OF THE C LIENTS, THE ASSESSEE IS BENEFITED TO THE EXTENT OF RS.5,98,60,545/-. SIMILARLY, THE NET EFFECT OF PROF IT AND LOSSES TO THE CLIENTS IN A.Y.2004-05 RESULTED INCRE ASE OF -: 86: - 86 TOTAL INCOME OF THE ASSESSEE TO THE EXTENT OF RS. 1,88,03,135/-. IN A.Y. 2007-08 ALSO THE LOSSES TO T HE CLIENTS WERE MORE THAN THE PROFIT PASSED ON THE CLI ENTS WHICH RESULTED NET INCREASE OF TOTAL INCOME OF THE ASSESSEE TO THE EXTENT OF RS. 1,75,62,045/-. IN A.Y S. 2005-06, 2006-07,2008-09 AND 2009-10, THE SITUATION HAD BEEN REVERSED I.E. PROFITS TO THE CLIENTS WERE MORE THAT THE LOSSES TO THE CLIENTS, WHICH HAD RESULTED INTO THE DECREASE OF TOTAL INCOME OF THE ASSESSEE TO THE EXTENT OF RS. 1,50,58,879/-, RS.1,08,09,456/-, RS.2,11,95,989/- AND RS.34,23,015/-. IN OVERALL, DU RING A.YS.2003-04 TO 2009-10, THE PROFIT TO THE CLIENT AMOUNTED RS.31,56,27,284/- AND THE LOSSES TO THE CLIENT AMOUNTED RS.36,20,58,371/- MEANING THEREBY THAT ASSESSEE WAS BENEFITED TO THE EXTENT OF RS. 4,57,38,386/-. 4.2.7 KEEPING IN VIEW THE FACTS AND THE OBSERVATIONS MADE BY ME IN PARA 4.2.5 AND 4.2.6 ABOVE, I DO NOT FIND ANY MERIT IN THE A.O.S APPROA CH FOR REACHING TO THE CONCLUSION THAT THE PROFITS TRANSFE RRED TO -: 87: - 87 THE CLIENTS WAS TO BE TAXED IN THE HANDS OF THE ASSESSEE. HOWEVER, BASED ON ADDRESS & PAN, THE A.O. MAY PASS ON THE INFORMATION AS REGARDS TO THE CLIEN TS PROFIT TO THE CONCERNED ASSESSING OFFICERS ( OF ALL THOSE CLIENTS) TO ENABLE THE LATTER TO VERIFY FROM THE RE LEVANT ITRS OF THE CLIENTS WHETHER THE CORRESPONDING INCOM E HAS BEEN SHOWN BY THEM IN THEIR RETURNS OR NOT. IN CASE IT IS FOUND THAT ANY CLIENT HAS NOT SHOWN THE CORRESPONDING INCOME IN THEIR ITR, THEN THE A.O. CONCERNED WOULD BE FREE TO PROCEED AGAINST THAT CLI ENT AND RESORT TO REMEDIAL ACTION AT LEAST FOR THOSE ASSESSMENT YEAR FOR WHICH LIMITATION HAS NOT EXPIRE D YET. IN THE CASE OF THE PRESENT ASSESSEE, THE ADDIT ION SO MADE STANDS DELETED. THE TABLE BELOW REFLECTS THE QUANTUM OF ADDITION AND THE RELIEF ON THIS ACCOUNT FOR A.YS. 2003-04 TO 2009-10. S.NO. APPEAL NO. A.Y. AMOUNT OF ADDITION AMOUNT OF RELIEF M/S. ESSENCE COMMODITIES LTD. -: 88: - 88 1 IT-392/10-11 2003-04 72,004,485 72,004,485 2 IT-393/10-11 2004-05 34,393,845 34,393,845 3 IT-394/10-11 2005-06 36,542,530 36,542,530 4 IT-395/10-11 2006-07 11,226,806 11,226,806 5 IT-396/10-11 2007-08 32,697,950 32,697,950 6 IT-397/10-11 2008-09 121,773,816 121,773,816 7 IT-398/10-11 2009-10 6,987,848 6,987,848 6. AGGRIEVED BY THE ABOVE ORDER OF CIT(A), THE REV ENUE IS IN FURTHER APPEAL BEFORE US. 7. SHRI PRAKASH JAIN, C. A. APPEARED ON BEHALF OF THE ASSESSEE AND CONTENDED AS UNDER :- (1) THE APPELLANT COMPANY IS INCORPORATED ON 02/12/1994 HAVING PAN AAACE3879L AND SINCE IN INCEPTION ASSESSED TO TAX. (2) THAT SINCE FEB 2000 APPELLANT COMPANY IS ENGAGED IN THE FUTURE BUSINESS AND MEMBER OF FOLLOWING EXCHANGE. NAME OF EXCHANGE NATURE OF ACTIVITY MULTI COMMODITY (I) BROKERING INCOME ON -: 89: - 89 EXCHANGE OF INDIA LIMITED (MCX) BEHALF OF TRANSACTION ENTERED FOR CLIENT REGISTERED WITH EXCHANGE . (II) SELF TRADING OF COMPANY NATIONAL COMMODITY & DERIVATIVE EXCHANGE LIMITED (NCDX) -DO- NATIONAL BOARD OF TRADE (N.B.O.T) (I) BROKERING INCOME ON BEHALF OF TRANSACTION ENTERED FOR CLIENT. (II) SELF TRADING. (3) THAT A SEARCH AND SEIZURE OPERATION WAS CARRIED AT THE BUSINESS PREMISES OF THE COMPANY AND RESIDENTIAL PREMISES OF ITS DIRECTORS ON 02/05/2008 . THAT DURING THE SEARCH NO INCRIMINATING DOCUMENT WAS FOUND BY THE SEARCH PARTY WHICH IS EVIDENT FROM THE ASSESSMENT ORDERS AGAINST WHICH PRESENT APPEALS AND CROSS OBJECTIONS ARE FILED. (4) THAT A SEARCH AND SEIZURE OPERATION WAS ALSO CARRIED BY THE OFFICIAL OF THE INCOME TAX DEPARTMEN T AT THE BUSINESS PREMISES OF THE COMPANY AND RESIDENTIAL PREMISES OF DIRECTORS ON 13.11.2002 CONSEQUENT THERE TO A BLOCK ASSESSMENT U/S 143(3) -: 90: - 90 READ WITH SECTION 158 BC OF INCOME-TAX ACT, 1961, F OR THE PERIOD 01.04.1996 TO 13.11.2002 WAS COMPLETED BY THE DCIT, 1(1), INDORE, ON 30.11.2004 A XEROX COPY OF THE SAID ASSESSMENT ORDER IS AVAILABLE IN COMPILATION VOL.11 PAGE NO. 2808 TO 2863. (5) THAT THERE IS NO CHANGE IN THE BUSINESS OPERATIONS AND METHOD OF ACCOUNTING OF FUTURE TRANSACTION AND MODE OF APPRENTICE. THUS, THE FACTS OF MODE OF FUTURE TRANSACTION, METHOD OF THEIR ACCOUNTING AND MODE OF APPRENTICE FOR RECOGNIZING FUTURE TRANSACTION IN THE PERIOD COVERED BY BOTH TH E SEARCH ARE IDENTICAL. (6) THE SAID PRACTICE OF APPELLANT FOR CARRYING CLIENT BUSINESS IN PRO ACCOUNT IS ACCEPTED BY THE DEPARTMENT IN THE BLOCK ASSESSMENT BUT IN THE ASSESSMENT COMPLETED U/S 153AI 143(3) THE SAME IS DISREGARDED WITHOUT GIVING ANY REASON IN THE BODY OF ASSESSMENT ORDER. (7) DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE LD. A.O. VIDE LETTER DATED 18.11.2010 SHOWN HIS -: 91: - 91 INTENTION TO MAKE ADDITION ON ACCOUNT OF PROFIT EARNED BY CLIENT WHOSE TRANSACTION WERE CARRIED IN PRO ACCOUNT. THUS THE ASSESSEE MADE A REFERENCE U/S 144A TO THE ADDITIONAL COMMISSIONER OF INCOME TAX ( REFER PAGE 248 TO 250 OF THE COMPILATION VOLUME I) (8) DURING THE COURSE OF DISCUSSION ON APPLICA TION U/S 144A THE LD. ADDITIONAL CIT SUGGESTED TO FILE FOLLOWING DOCUMENTS EVIDENCES IN RESPECT OF PROFI T I LOSS OF THE CLIENTS WHOSE BUSINESS WERE CARRIED IN PRO ACCOUNT :- (I) FULL NAME, ADDRESS AND PAN OF THE CLIENTS. (II) DATE WISE CONFIRMED COPY OF ACCOUNTS. (III) PROFIT AND LOSS ACCOUNT AND BALANCE SHEET OF CLIENTS. (IV) COMPUTATION OF INCOME AND ACKNOWLEDGEMENT FOR FILING OF INCOME TAX RETURN BY THE CLIENTS. (8) THE APPELLANT ON NEXT HEARING ON APPLICATION U/S 144A VIDE ITS LETTER DATED DECEMBER 14, 2010 ( REFER PAGE 251 OF -: 92: - 92 COMPILATION VOLUME I ) AFTER DISCUSSION WITH CLIENTS SUBMITTED THAT THE APPELLANT IS READY TO FILE DETAILS REGARDING FULL NAME, ADDRESS AND PAN OF THE CLIENTS AND SO ALSO THE DATE WISE CONFIRMED COPY OF THE CLIENTS DULLY SIGNED AND SPECIFY THEIR FULL NAME. ADDRESS AND PAN. AS REGARDS THE PROFIT AND LOSS A/C BALANCE SHEET, COMPUTATION OF INCOME AND ACKNOWLEDGEMENT FOR FILING OF INCOME TAX RETURN BY THE CLIENTS IT WAS SUBMITTED THAT THE CLIENTS ARE NOT READY TO PROVIDE THE SAME, THUS YOU ARE REQUESTED TO CALL THE SAME BY INHERENT POWER GIVEN TO THE DEPARTMENT U/S 133(6) OR 131 OF THE INCOME TAX ACT. (9) HOWEVER, AS THE LD. ADDITIONAL CIT AND LD. A.O. WERE BANKED UPON TO MAKE HUGE ADDITION AND COMPLETE THE HIGH PITCH ASSESSMENT THEY HAD NOT USED INHERENT POWER GIVEN TO THEM U/S 131 OR 133(6) OF THE INCOME TAX ACT, TO COLLECT THE COPY OF PROFIT AND LOSS -: 93: - 93 A/C. BALANCE SHEET, COMPUTATION OF INCOME AND ACKNOWLEDGEMENT FOR TILING OF INCOME TAX RETURN FROM THE CLIENTS. (10) DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE ASSESSEE FILED AMPLE EVIDENCES TO PROVE THAT THE PROFIT I LOSS OF THE CLIENTS WHOSE TRANSACTION WERE CARRIED IN PRO ACCOUNT IS GENUINE BY FILING YEAR WISE LIST OF CLIENTS CONTAINING THEIR FULL NAME, ADDRESS, PAN. DATE- WISE COPIES OF ACCOUNTS OF THE CLIENTS DULY SPECIFYING DETAILS REGARDING SETTLEMENT DATED NAME OF THE DRAWEE/DRAWER BANK THROUGH WHICH TRANSACTION IS COMPLETED AND INSTRUMENT NUMBER AND IN XEROX COPIES OF THE BANK STATEMENT IN WHICH THE RESPECTIVE TRANSACTION IS DULY HIGHLIGHTED AND CONFIRMED COPIES OF ACCOUNTS OF ABOUT 40% TO 50% OF THE CLIENTS DULY SIGNED AND SPECIFYING THEIR FULL NAME, ADDRESS AND PAN. AND REQUESTED TO THE LD. A.O. TO ALLOW TIME TO FILE THE CONFIRMED COPIES OF ACCOUNTS OF -: 94: - 94 REMAINING CLIENTS BUT AS THE ASSESSMENT WAS GOING TO BE BARRED BY LIMITATION, THUS THIS REQUEST OF THE ASSESSEE WAS REFUSED BY THE LD. A.O. AND COMPLETED THE ASSESSMENT BY MAKING THE ADDITION ON ACCOUNT OF PROFIT EARNED BY CLIENTS WHOSE BUSINESS WAS CARRIED IN PRO ACCOUNT BY IGNORING THE LOSS SUFFERED BY CLIENTS WHOSE BUSINESS WAS CARRIED IN PRO ACCOUNT WITHOUT GIVING ANY REASON IN THE BODY OF ASSESSMENT ORDER. (11) THE YEAR WISE DETAILS OF PROFIT/ LOSS OF CLIENTS ARE AS UNDER:- A.Y. PROFIT OF PRO CLIENT LOSS OF PRO- CLIENT NET PROFIT/LOSS CUMULATIVE EFFECT PAGE NO. OF COMPILATION 01 02 03 04 (2-3) 5 6 2003-04 7,20,04,485 13,18,65,030 (-)5,98,60,545 -5,98,60,545 279A TO 279C & 279D, VOLUME 2 2004-05 3,43,93,845 5,331,96,980 (-)1,88,03,135 -7,86,63,68 0 279E TO 279G & 279H, VOLUME 2 2005-06 3,67,92,350 3,83,88,851 (-)15,96,501 -8,02,60,181 2 79I & 279J VOLUME 2 AND 3076 OF VOLUME 12 2006-07 1,12,26,806 4,17,350 (+)1,08,09,456 -6,94,50,725 27 9K & 279L VOL. 2 & 3030 OF VOL. 12 2007-08 3,33,90,650 5,09,52,695 (-)1,75,62,045 -8,70,12,770 279M TO 279 N OF VOL. 2 & 3030 OF VO. 12. 2008-09 12,30,43,116 10,05,77,827 (+)2,24,65,289- 6,45,47,4 81 279O TO 279P & 279T OF VOL.2 2009-10 1,92,75,578 35,64,833 (+)1,57,10,745 -488,36,736 27 9R TO 2179T & 279T OF VOLUME 2 (12) AGGRIEVED BY THE ORDER OF THE LD. A.O. THE ASS ESSEE -: 95: - 95 PREFERRED APPEALS FOR ALL THE ASSESSMENT YEARS BEFO RE THE CIT (A) WHO DELETED THE ADDITIONS MADE ON THIS ACCO UNT BY THE LD. A.O. ( 13) DISSATISFIED BY THE ORDER OF THE LD. CIT (A) THE DEPARTMENT FILED PRESENT APPEALS. NOW OUR HUMBLE SUBMISSION B EFORE YOUR HONOUR'S ARE AS UNDER:- (I) WE RELY ON THE ORDER OF THE LD. CIT (A) AS SAME IS JUDICIAL AND AFTER APPRECIATING THE FACTS OF THE CA SE AND EVIDENCES FILED BEFORE HIM. (II) WITHOUT PREJUDICE TO THE ABOVE IT IS FURTHER SUBMIT TED THAT IF THE CONTENTION OF THE DEPARTMENT IS ACCEPTE D THAT THE PROFIT FROM THE TRANSACTION OF CLIENTS CAR RIED IN PRO ACCOUNT IS BELONGS TO THE ASSESSEE BY REFERRING TO THE BY LAWS AND REGULATIONS OF THE NBOT IN THAT CAS E THE LOSS FROM THE TRANSACTION OF CLIENTS CARRIED IN PRO ACCOUNT BE ALSO TREATED AS BELONGS TO THE APPELLANT BY RELYING ON SAME REGULATION, AS BOTH THE TWO FOLDS O F THE SAME COIN SHOULD BE CONSIDERED TOGETHER. IN THE PRESENT CASE THE LD. A.O. HAS CONSIDERED ONLY ONE FOLD OF THE COIN FOR HIS OWN CONVENIENCE TO MAKE -: 96: - 96 SUBSTANTIAL ADDITIONS WHICH IS ILLEGAL, ARBITRARY A ND AGAINST THE BASIC PRINCIPLES OF LAW. (14) THE LD A.O. ON THE ONE HAND ACCEPTED THE PROF IT EARNED OF CLIENT WHOSE BUSINESS IS CARRIED IN OWN ACCOUNT AS THE PROFIT OF THE COMPANY BY REFERRING TO THE REGULATIO N OF N BOT WE COULD NOT UNDERSTAND THAT WHY HE IGNORED THE LOSS? HERE IT IS IMPORTANT TO MENTION THAT THE ASS ESSING OFFICE HAS GATHERED THE FIGURE OF PROFIT AND LOSS D IRECTLY FROM THE NBOT AND THERE IS NO DOUBT IN THE FIGURES OF LOSS AS REPRODUCED HEREIN ABOVE. AS WE UNDERSTAND IT IS BASIC PRINCIPLE OF NATURAL JUSTICE THAT BOTH THE TWO FOLD S OF SAME COIN CONSIDERED TOGETHER. BUT IN THE PRESENT CASE W HAT HAPPENED THAT DEPARTMENT HAS CONSIDERED ONLY ONE FO LD OF THE COIN AND IGNORE THE OTHER FOLD FOR HIS OWN CONV ENIENCE WHICH IS PATENTLY WRONG AND ILLEGAL, ( 15) IT IS BASIC PRINCIPAL OF THE ACCOUNTANCY THA T FIGURE OF BOTH THE SIDE I.E. THE DEBIT AND CREDIT SIDE TO BE TAKEN TOGETHER. THE LAW DOES NOT PERMIT THE ASSESSING OFFICER IF IN THE COURSE OF SEARCH OR SURVEY ANY DOCUMENT RELATING TO SALES IS FOUND IN THAT CASE HE CANNOT MADE THE ADDITION O F -: 97: - 97 SALES, HE CAN ONLY MADE THE ADDITION OF GROSS PROFI T. (16) THAT THE LD.A.O. HAD MADE THE ADDITION OF PRO FIT OF CLIENT IN OUR INCOME WITHOUT MAKING ANY ENQUIRY OR WITHOUT PROVING THAT THE CLIENT IS BOGUS OR PROFIT IS TRANS FER WITH THE OBJECT TO REDUCE THE INCOME. THE SAID ACT OF TH E LD. A.O. IS WITHOUT ANY BASIS ILLEGAL ON CONJECTURE & S URMISES AND AGAINST THE BASIC PRINCIPAL OF INCOME TAX ACT . IT IS TRITE LAW THAT SHOULD NO PRESUMPTION OF BAD FAITH A GAINST AN ASSESSEE UNLESS THERE BE SUFFICIENT MATERIAL ON RECORD TO ESTABLISH AND SUSTAIN THAT FAITH. VIDE LALCHAND BHAGAT AMBICA RAM VS. CIT (1959) 37 ITR 288 (SC).HIRABAI D.DESAI & SONS VS. CIT (1936) 4 ITR 95 (BOM) . SIVA N PILLAI VS. CIT (1958) 34 ITR 328 (MAO). ( 17) WHEN THE LD.A.O. ASSESSED THE PROFIT OF CLIE NT OF WHOM TRANSACTION IS CARRIED IN ASSESSEE'S OWN ACCOUNT TH EN WHY THE AMOUNT OF BROKERAGE HAS NOT BEEN SUBTRACTED FRO M THE ADDITION OF PROFIT MADE BY HIM IT IS SECOND LAW THA T MAKING AN ASSESSMENT U/S 143(3), THE LD A.O. IS NOT ENTITLED TO MAKE A PURE GUESSES AND MAKE AN ASSESSM ENT WITHOUT ANY EVIDENCE OR ANY MATERIAL AT ALL THERE M UST BE -: 98: - 98 SOMETHING MORE THAN BARE SUSPICION TO SUPPORT THE ASSESSMENT U/S 143 (3). IN OTHER WORDS, THE ASSESSM ENT OF ANY PARTICULAR YEAR MUST BE BASED NOT ON MERE SUSPICION OR BARE GUESS, BUT ON LEGITIMATE MATERIAL FROM WHICH A REASONABLE INFERENCE OF INCOME HAVING BEEN EARNED DURING THE ACCOUNTING YEAR COULD BE DRAWN AN D THAT THE INITIAL BURDEN OF FINDING SUCH MATERIAL, H OWEVER SLIGHT, IS ON THE INCOME-TAX AUTHORITIES AND NOT ON THE ASSESSEE, DHANKESHWARI COTTON MILLS LTD VS CIT (195 4) 26 ITR 775,782 (SC). UNITED PATEL CONSTRUCTION CO. VS. CIT (1966) 54 ITR 424,426 (M.P.). BANSHIDHAR ONKARM ALL VS. CIT (1953) 23 ITR 353,361 (ORISSA). IT IS CERTA INLY NOT A 'LEAP IN THE DARK'. THE ASSESSING OFFICER IS NOT EN TITLED TO MAKE A GUESS WITHOUT EVIDENCE, CIT VS. KAMESHWAR SINGH, (1933) ITR 94. 106 (PC), SETH NATHURAM MUNNA LAL VS. CIT (1954) 25 ITR 216.220 (NAG). ( 18) BY IGNORING THE LOSS SUFFERED BY CLIENTS IN OWN ACCOUNT THE LD. A.O. VIOLATED THE MAXIM QUI ALIQUID STATUER IT PARTE INAUDITA ALTERA AEQUUM LICET DIXERIT, HAUD AEQUUTN FECERIT, WHICH MEANS: HE WHO DETERMINES ANY MATTER WITHOUT -: 99: - 99 HEARING BATHS IDES, THOUGH HE MAY HAVE DECIDED RIGH T, HAS NOT DONE JUSTICE. IN OTHER WORDS, AS IT IS NOW EXPRESSED 'JUSTICE SHOULD NOT ONLY BE DONE BUT SHOU LD MANIFESTLY BE SEEN TO BE DONE' .ANIL KUMAR SHEEL VS PRINCIPAL, MAOAM MOHAN MALVIYA 143 (3) ON 28.12.200 7 AND IN THE SAID ASSESSMENT ALSO THE SAID PRACTICE O F ASSESSEE IS ACCEPTED BY THE DEPARTMENT. (22) THOUGH THE PRINCIPAL OF RES JUDICATA IS NOT A PPLICABLE IN THE INCOME TAX MATTER. BUT FINDINGS OF EARLIER YEARS ON THE SAME MATTER ARE RELEVANT. WHERE ALL FUNDAMENTAL FACTS PERMEATING THROUGH DIFFERENT ASSESSMENT YEARS HAVE BEEN FOUND AS A FACT ONE WAY OR THE OTHER AND PARTIES HA VE ALLOWED THAT POSITION TO BE SUSTAINED BY NOT CHALLE NGING THE ORDER, IT WOULD NOT BE AT ALL APPROPRIATE TO AL LOW THE POSITION TO BE CHANGED IN A SUBSEQUENT YEAR - RADHA SOAMI SATSANG VS CIT (1992) 193 ITR 321 (SC), CITY MONTES ORI SCHOOL (REGD.) VS. UNION OF INDIA AND OTHERS (2009) 315 ITR 48 (ALL). (23) THE BASIC REASON FOR DOING BUSINESS OF CLIENTS IN PRO ACCOUNT IS THAT AS PER THE REGULATION OF N.B.O.T., THE CLIENT -: 100: - 100 SHOULD HAVE BANK ACCOUNT IN THE STATE BANK OF INDOR E. N.B.O.T. EXTENSION COUNTER, PHADNIS COLONY BRANCH, INDORE AND ALL THE MARGINS & MARK TO MARKET AMOUNT PAYABLE & RECEIVABLE HAVE TO BE DEBITED OR CREDITED IN THIS BANK ACCOUNT ONLY & THE SAID BANK WAS NOT HAVING E- TRANSACTIONS FACILITY UP TO FINANCIAL YEAR 2006-07 AND AFTER THAT THE FACILITY WAS VERY POOR. THUS THE CLI ENT WAS NOT INTERESTED TO BLOCK FUNDS. (24) FOR THE ABOVE REASONS NOT ONLY US BUT ALL THE OTHER MEMBERS WAS ALSO FOLLOWING THE SAME SYSTEM OF DOING CLIENT'S BUSINESS IN PRO ACCOUNT AND SAME WAS IN KNOWLEDGE OF THE NBOT. THERE WAS NOT A SINGLE OCCAS ION WHERE THE NBOT OBJECTED THIS PRACTICE OF DOING CLIE NT BUSINESS IN PRO ACCOUNT EITHER TO US ARE IN CASE OF ANY OTHER MEMBER. (25) MOREOVER, THERE WAS A PERIODICAL AUDIT/INSPEC TION OF OUR BOOKS OF ACCOUNTS CARRIED BY FOR NARD MARKET COMMIS SION (FMC), REGULATING BODY OF COMMODITY EXCHANGES. THE SAID AUDIT I INSPECTION BEING CARRIED BY INDEPENDEN T AUDITOR/INSPECTOR APPOINTED BY THE REGULATORS. THE SAID -: 101: - 101 FACT WAS ALSO IN THEIR KNOWLEDGE & THEY HAVE NEVER OBJECTED THIS PRACTICE. IN SUPPORT OF THIS CONTENTI ON WE ARE ENCLOSING HERE WITH COPY OF REPORT FOR ILLUSTRATION WHICH IS FORWARDED TO US BY THE NBOT. (26) THAT DURING THE COURSE OF ASSESSMENT PROCEED INGS IT WAS EXPLAINED BEFORE THE LD. A.O. THAT ALL THE PARTIES ARE GENUINE, IDENTIFIABLE, INCOME TAX PAYER AND ALL THE TRANSACTIONS OF RECEIPTS AND PAYMENTS WERE ENTERED INTO THROUGH ACCOUNT PAYEE CHEQUES WITHOUT ANY EXCEPTION S. (27) THAT DURING THE COURSE OF ASSESSMENT PROCEEDI NGS THE LD.A.O. INSISTED ASSESSEE TO PRODUCE THE LEDGER ACC OUNT OF FUTURE TRADING OF ALL THE CLIENTS ALONGWITH COPY OF THEIR INCOME TAX RETURN, PROFIT & LOSS A/C .BALANCE SHEET ETC. IT WAS EXPLAINED TO THE LD. A.O. THAT AFTER CONTRAC TING THE CLIENTS IT IS FOUND THAT MAJORITY OF CLIENTS ARE NO T INTERESTED IN SUPPLYING THEIR INCOME TAX RECORD .THUS THE COMP ANY HAS PROVIDED THE CONFIRMATION LETTER OF ALL THE CLI ENTS DULLY SIGNED AND SPECIFYING THEIR FULL NAME ,ADDRESS AND PAN AND REQUESTED TO THE LD. A.O./LD. ADDL. COMMISSIONE R BY LETTER DT. 28 TH OCTOBER, 2010, 09 TH DECEMBER, 2010, AND -: 102: - 102 14 TH DECEMBER, 2010 THAT IF HE HAS ANY DOUBT IN HIS MIN D REGARDING THE GENUINENESS OF PARTIES OR TRANSACTION S, HE SHALL DIRECTLY ISSUES SUMMON U/S 131 TO THESE PARTI ES OR COLLECT INFORMATION U/S 133(6), BUT AS THE A.O. WAS PREJUDICE AND BANK UPON TO COMPLETE THE HIGH PITCH ASSESSMENT TO CREATE A SUBSTANTIAL DEMAND AGAINST T HE ASSESSEE, HE HAO NOT ISSUE ANY SUMMON OR NOTICE TO ANY OF OUR CLIENTS. (28) THAT THE LD. A.O. HAS NOT POINTED OUT ANY DEF ECT IN THE REGULAR AND DAY TO DAY BOOKS OF ACCOUNTS WHICH IS AUDITED BY THE INDEPENDENT CHARTERED ACCOUNTANT AND SO ALSO INSPECTED/AUDITED BY THE PERSON APPOINTED UNDE R THE FORWARD MARKET CONTRACT ( REGULATION) ACT. 1952 AND NONE OF THE AUTHORITY HAVE POINTED OUT ANY MISTAKE. (29) THE (CBDT) HAS ISSUED NOTIFICATION ( NO. SO 69 ) (E) DATED 25-01-1996-(1996) 218 ITR ST.(1) U/S 145(2) AS TO T HE ACCOUNTING STANDARDS TO BE FOLLOWED BY ALL ASSESSEE FOLLOWING MERCANTILE SYSTEM OF ACCOUNTING. THE A.O. SHOULD POINT OUT WHAT IS MATERIAL VARIATION IN THE ACCOUNTS OF THE ASSESSEE WITH RESPECT TO THE SAID NOTIFICATI ON. IT -: 103: - 103 MAY BE REPEATED THAT THE A.O. HAS NO FUNCTION TO EN FORCE PROVISIONS OF THE FORWARD CONTRACT ACT. THE ASSESSE E HAS NO DUTY UNDER THE FORWARD CONTRACT ACT TO GET THE ACCOUNTS AUDITED. THE FMC IF AND WHEN NEEDS MAY GET THE ACCOUNT OF THE ASSESSEE AUDITED. AS A MATTER OF FACT THAT ACCOUNTS OF THE ASSESSEE WERE GOT AUDITED ON 15/06/2006 AND 26/05/2008 AND NO ACTION TAKEN MINOR LAPSES HERE AND THERE IS HUMAN ERROR AND INCIDENCE OF SUCH BUSINESS. (30) LD. A.O. HAS NOT FOUND ANY NON-MEMBER UNREGIS TERED CLIENT IS BOGUS, OR THAT THE TRANSACTION ENTERED IN TO WITH HIM IS IMAGINARY OR FALSE. SOME TEST CHECK COULD HA VE BEEN APPLIED INSTEAD OF ARBITRARILY ADDING THE INCO ME OF CLIENT IN THE INCOME OF ASSESSEE FOR WHICH THERE IS NO PROVISION IN INCOME TAX LAW OR IN ANY OTHER LAW .TH E LD A.O. HAD NOT POINTED OUT AS TO WHICH INCOME OF CLIE NT IS INCOME OF THE ASSESSEE AND FOR WHAT REASON PARTICUL ARLY WHEN THE ASSESSEE HAS PROVIDED FULL NAME, ADDRESS, PAN OF EACH AND EVERY CLIENT AND REQUESTED TO THE LD. A .O. THAT IF HE HAS ANY DOUBT REGARDING THE GENUINENESS OF -: 104: - 104 TRANSACTION OR CLIENT HE MAY DIRECTLY CALL INFORMAT ION U/S 133(6) OR BY ISSUING SUMMON U/S 131 .BUT THE LD. A. O. FAILED TO UTILIZE INHERENT POWER GIVEN TO HIM UNDER THE INCOME TAX ACT BECAUSE HE WAS BANK UPON TO MAKE HUG E ADDITIONS TO CREATE A SUBSTANTIAL DEMAND AGAINST ASSESSEE. IN VIEW OF THE ABOVE FACTS IT IS PRAYED THAT DEPAR TMENTAL APPEAL ON THIS GROUND BE DISMISSED. 4. IT WAS FURTHER ARGUED BY THE LD. AUTHORIZED REPRESENTATIVE THAT THE ISSUE IN QUESTION IS SQUAR ELY COVERED BY THE JDECISION OF THE TRIBUNAL IN THE CASE OF NAN DLAL MANGLANI IN I.T(SS).A.NOS. 94 TO 100/IND/2012. 5. ON THE OTHER HAND, THE LD. CIT DR RELIED ON THE ORDER OF THE ASSESSING OFFICER. WITH RESPECT TO THE ISSUE BEING COVERED BY THE ORDER OF I.T.A.T., THE LD. CIT DR FA IRLY CONCEDED THAT FACTS IN THE INSTANT CASE ARE PARI MA TERIA AND ADDITION WAS MADE WITH REFERENCE TO THE SIMILAR PRO FIT TRANSFERRED BY ASSESSEE TO ITS CLIENTS. 6. RIVAL CONTENTIONS HAVE BEEN CONSIDERED AND RECO RDS -: 105: - 105 PERUSED. FROM THE RECORD, WE FOUND THAT SEARCH AND SEIZURE OPERATION WAS CARRIED OUT AT BUSINESS PREMISES OF A SSESSEE ON 2.5.2008. THE ASSESSEE WAS FOUND TO BE TRADING I N FUTURE TRANSACTIONS. IN RESPECT OF THE PROFIT EARNED BY TH E CLIENTS AND WHICH WAS TRANSFERRED BY THE ASSESSEE TO THE CL IENTS ACCOUNT, THE ASSESSING OFFICER ADDED ENTIRE AMOUNT OF PROFIT IN ASSESSEES INCOME. AS PER QUERRY OF ASSESSING OF FICER, THE ASSESSEE FILED CONFIRMATION FROM SOME OF ITS CLIENT S ALONGWITH THEIR INCOME TAX PARTICULARS. HOWEVER, THE ASSESSIN G OFFICER WAS NOT SATISFIED. WE FOUND THAT ALONGWITH THE PROF IT, THERE WAS LOSSES INCURRED BY THE CLIENTS WITH RESPECT TO THE SIMILAR TRANSACTION. HOWEVER, THE ASSESSING OFFICER HAS IGN ORED THE LOSSES INCURRED BY THE CLIENTS AND ONLY CONSIDERED PROFIT EARNED BY THEM AND WHICH WAS TRANSFERRED TO THEIR A CCOUNT. THERE IS NO JUSTIFICATION IN ASSESSING OFFICERS AC TION FOR IGNORING THE LOSS IN SIMILAR TRANSACTION WHILE CONS IDERING ONLY PROFIT EARNED IN THE VERY SAME TRANSACTION. IF WE T AKE PROFIT EARNED BY THE CLIENTS AS WELL AS LOSSES SUFFERED BY THE CLIENTS, WHICH WAS TRANSFERRED BY THE ASSESSEE TO THE RESPEC TIVE CLIENTS ACCOUNT, THE CUMULATIVE RESULT OF ALL THE Y EARS UNDER -: 106: - 106 CONSIDERATION REFLECT EXCESS OF LOSS INCURRED BY TH E CLIENTS IN EACH YEAR, THUS, DOES NOT WARRANT ANY ADDITION TO A SSESSEES INCOME. THE LD. CIT(A) HAS GIVEN THE TABLE INDICATI NG PROFIT EARNED BY THE CLIENTS AS WELL AS LOSS SUFFERED BY T HE CLIENTS. THE CUMULATIVE RESULT OF THE PROFIT/LOSS OF THE CLI ENT FROM 2003-04 TO 2009-10 INDICATE FIGURE OF LOSS OF RS. 4,88,36,736/- EVEN IN EACH ASSESSMENT YEAR, THE CUM ULATIVE RESULT IS LOSS, THUS, WE DO NOT FIND ANY MERIT IN T HE ADDITION SO MADE BY THE ASSESSING OFFICER BY TAKING FIGURE O F PROFIT ONLY AND IGNORING THE FIGURE OF LOSS, WHICH IS NOT IN DISPUTE AS PER THE FINDINGS RECORDED BY THE LOWER AUTHORITI ES. 7. WITH RESPECT TO TRANSFER OF PROFIT BY ASSESSEE, SIMILAR ISSUE HAS BEEN CONSIDERED BY THE TRIBUNAL IN DETAIL IN THE CASE OF NANDLAL MANGLANI IN I.T(SS).A.NOS. N OS. 94 TO 100/IND/2012, WHEREIN FOLLOWING OBSERVATIONS HAVE B EEN MADE BY THIS BENCH :- 2.5 IF THE TOTALITY OF FACTS AVAILABLE ON RECORD, OBSERVATIONS MADE IN THE ASSESSMENT ORDERS, CONCLUSION DRAWN IN THE IMPUGNED ORDERS -: 107: - 107 AND THE ASSERTION MADE BY THE LD. REPRESENTATIVE FROM BOTH SIDES IS KEPT IN JUXTAPOSITION AND ANALYSED, WE FIND THAT THE IMPUGNED ADDITIONS WERE MADE BY THE LD. ASSESSING OFFICER MERELY ON THE PLEA THAT THE ASSESSEE COULD NOT FURNISH THE INCOME-TAX RETURNS AND BALANCE-SHEETS OF THE CLIENTS FROM WHOM THE ASSESSEE EFFECTED TRANSACTIONS THROUGH NBOT. NOW THE QUESTION ARISES IF THE CLIENTS HAD NOT SHOWN THE INCOME IN THEIR RETURNS, WHETHER THE ASSESSEE CAN BE PENALISED OR WHO IS TO BE PENALISED ? THE OBVIOUS REPLY IS THE ASSESSEE CANNOT BE PENALISED FOR THE FAULT, IF ANY, COMMITTED BY THE CLIENTS. UNCONTROVERTEDLY, THE ASSESSEE FURNISHED THE COPIES OF BANK STATEMENTS IN SUPPORT OF ITS CLAIM, EVIDENCING THAT THE FUNDS, ON ACCOUNT OF SETTLEMENT OF VARIOUS TRANSACTIONS (SAUDAS) FOR AND ON BEHALF OF THE CLIENTS, WERE TRANSFERRED -: 108: - 108 THROUGH BANKING CHANNELS. IN VIEW OF THESE FACTS, IT CAN BE SAID THAT THE ASSESSING OFFICER HAS CAST A HEAVY BURDEN ON THE ASSESSEE TO DEMONSTRATE THAT THE INCOME RECEIVED BY SUCH CLIENTS WAS REFLECTED BY THEM IN THEIR RESPECTIVE RETURNS. IN THE ASSESSMENT ORDERS, NO INSTANCE HAS BEEN QUOTED BY THE ASSESSING OFFICER TO PIN-POINT ANY FAULT IN THE CLAIM OF THE ASSESSEE, MORE SPECIFICALLY WHEN THE ASSESSEE FURNISHED THE LIST OF CLIENTS ALONG WITH ADDRESSES DURING ASSESSMENT PROCEEDINGS ALONG WITH CONFIRMATIONS FROM MOST OF THE CLIENTS BUT THE TRANSACTIONS WERE DULY APPEARING IN THE BOOKS OF ACCOUNTS OF THE ASSESSEE OF ALL THE CLIENTS. IN ITS OWN WISDOM, THE ASSESSING OFFICER IGNORED THE DOCUMENTS BUT HARPENED ON THE SINGLE POINT THAT INCOME-TAX RETURNS OF THE REMAINING CLIENTS WERE NOT FURNISHED. THE BANK STATEMENTS ALONG WITH -: 109: - 109 CONFIRMATIONS AND TRANSATIONS THROUGH BANKING CHANNELS CLEARLY INDICATE THAT THERE WAS NO MALA FIDE ON BEHALF OF THE ASSESSEE AND ONUS HAS DULY BEEN DISCHARGED. FURTHERMORE, BEFORE THE LD. CIT(A), THE REMAINING INCOME-TAX RETURNS AND CONFIRMATIONS FROM THE CLIENTS WERE FURNISHED AS ADDITIONAL EVIDENCE, WHICH HAS BEEN ADMITTED BY THE LD. CIT(A). THE LD. CIT(A) TABULATED THE INFORMATION AS HAS BEEN MENTIONED IN PRECEDING PARAS OF THIS ORDER. THE RECORD CLEARLY SHOWS THAT WHATEVER EVIDENCE HAS BEEN FILED BY THE ASSESSEE DURING ASSESSMENTS AS WELL AS FIRST APPELLATE STAGE ESTABLISHES THAT THE ASSESSEE HAS DONE SPECULATIVE BUSINESS FOR AND ON BEHALF OF THE CLIENTS ALSO AND FOR HIMSELF. THERE IS UNCONTROVERTED FINDING IN THE IMPUGNED ORDER THAT THE ASSESSING OFFICER WAS INCONSIDERATE TO THE EXTENT THAT DURING ASSESSMENT PROCEEDINGS, -: 110: - 110 ADDITION MADE IN RESPECT OF PROFIT PASSED ON TO THE CLIENTS WAS NOT CONSIDERED IN PROPER PERSPECTIVE AND SOME OF THE CLIENTS ALSO SUFFERED LOSSES WHICH HAS INCREASED THE INCOME OF THE ASSESSEE. THE FINDING RECORDED IN THE IMPUGNED ORDER IN PARA 4.6 HAS NOT BEEN CONTROVERTED BY THE REVENUE. IT IS FURTHER NOTED THAT WHILE CONCLUDING THE ISSUE IN PARA 4.7, THERE IS A CLEAR DIRECTION THAT IN CASE I T IS FOUND BY THE ASSESSING OFFICER THAT ANY OF THE CLIENTS HAS NOT SHOWN CORRESPONDING INCOME IN THE RESPECTIVE RETURN THEN THE LD. ASSESSING OFFICER WOULD BE FREE TO PROCEED AGAINST SUCH CLIENTS BY TAKING REMEDIAL ACTION IN ACCORDANCE WITH LAW, THEREFORE, THE REVENUE SHOULD NOT FEEL AGGRIEVED. THE ASSESSEE CANNOT BE PUT TO UNNECESSARY HARDSHIP TO PROVE WHICH IS NOT EXPECTED FROM HIM AS ONUS HAS BEEN CLEARLY DISCHARGED. SO FAR AS THE CONTENTION OF THE LD. CIT -: 111: - 111 DR THAT SUFFICIENT OPPORTUNITY WAS NOT PROVIDED TO THE ASSESSING OFFICER, WE FIND THAT THE ASSESSMENT ORDER WAS FRAMED ON 29.12.2010 AND ON FILING THE FIRST APPEAL BEFORE THE LD. CIT(A), T HE ASSESSEE FURNISHED THE STATEMENT OF TOTAL PROFITS EARNED ON BEHALF OF CLIENTS [WITH COMPLETE DETAILS, PAGES 4 TO 7 OF THE PAPER BOOK BEFORE LD. CIT(A)], STATEMENT OF LOSSES INCURRED ON BEHALF OF CLIENTS [WITH COMPLETE DETAILS PAGE 8 OF THE PAPER BOOK], LETTER DATED 22.12.2010 [BEFORE ASSESSING OFFICER] ENCLOSING CONFIRMATIONS OF TRANSACTIONS [PAGES 9 TO 58], LETTER DATED 26.11.2010 [FILED BEFORE THE ASSESSING OFFICER], COPY OF PERSONAL BALANCE SHEETS ETC. LEDGER OF ACCOUNTS OF ALL CLIENTS [PAGE S 2 TO 47 OF THE PAPER BOOK FILED BEFORE THE LD. CIT(A)] AND MORE IMPORTANTLY, CONFIRMATIONS/ITRS OF THE CLIENTS [PAGES 49 TO 135 BEFORE LD. CIT(A)] AND ALL THESE DOCUMENTS WERE DULY EXAMINED BY -: 112: - 112 THE LD. FIRST APPELLATE AUTHORITY. THESE DOCUMENTS WERE DULY SENT TO THE ASSESSING OFFICER BY THE LD. CIT(A) VIDE COMMUNICATION DATED 9.12.2011 FOR COMMENTS AND REMAND REPORT BUT THE SAME WERE NOT COMMENTED UPON AS IS EVIDENT FROM COMMUNICATION DATED 16.1.2012 (AS BROUGHT TO OUR NOTICE BY THE LD. CIT/DR), ADDRESSED TO LD. CIT(A) AND FINALLY, THE IMPUGNED ORDER WAS PASSED ON 31.1.2012, MEANING THEREBY, FROM 9.12.2011 TO 31.1.2012, THE ASSESSING OFFICER COULD NOT RESPOND TO THE LD. CIT(A), THEREFORE, THE CONTENTION OF THE REVENUE THAT SUFFICIENT OPPORTUNITY WAS NOT GRANTED TO THE ASSESSING OFFICER IS WITHOUT ANY BASIS. THE LD. CIT(A) WAS NOT EXPECTED TO WAIT FOR INDEFINITE PERIOD. SO FAR AS THE DECISION IN NEW KAILASH COTTON FACTORY VS. ITO (SUPRA) RELIED UPON BY THE REVENUE IS CONCERNED, WE FIND THAT THE FACTS ARE ALTOGETHER -: 113: - 113 DIFFERENT AS THERE WAS NO PROOF AVAILABLE WITH THE ASSESSEE OR ANY AGREEMENT BETWEEN THE PARTIES FOR PURCHASE AND SALE OF COMMODITIES, THEREFORE, THIS JUDICIAL DECISION MAY NOT HELP THE REVENUE. SO FAR AS THE CONTENTION OF THE LD. CIT DR THAT THE ASSESSING OFFICER WAS NOT AFFORDED SUFFICIENT OPPORTUNITY, THE LD. CIT(A) HAS ALREADY DIRECTED THE ASSESSING OFFICER THAT THE CONCERNED ASSESSING OFFICER WOULD BE FREE TO PROCEED AGAINST THOSE CLIENTS AND RESORT TO REMEDIAL ACTION IN CASES WHERE LIMITATION PERIOD HAS NOT EXPIRED YET. IN VIEW OF THESE FACTS, WE FIND NO REASON TO INTERFERE WITH THE CONCLUSION DRAWN IN THE IMPUGNED ORDERS. THESE ARE AFFIRMED. 8. IN VIEW OF THE ABOVE, RESPECTFULLY FOLLOWING TH E DECISION OF COORDINATE BENCH, THE APPEALS FILED BY THE REVENUE IN ALL THE YEARS UNDER CONSIDERATION STARTI NG FROM ASSESSMENT YEARS 2003-04 TO 2009-10 IS HEREBY DISMI SSED. -: 114: - 114 9. EVEN WITH RESPECT TO THE LEGAL GROUND RAISED BY THE ASSESSEE WITH REGARD TO ADDITIONS HAVING BEEN MADE WITHOUT REFERRING TO THE SEIZED MATERIAL, WHERE ASSESSMENTS WERE NOT ABATED, SIMILAR ISSUE IS CONSIDERED BY THE TRIBUNAL IN THE CASE OF ARUN SEHLOT IN I.T(SS).A.NOS. 186 TO 192/IN D/2012, ORDER DATED 30 TH APRIL, 2013, WHEREIN FOLLOWING WAS THE OBSERVATIONS :- PAGE 61 PARA 28 WE HAVE CONSIDERED THE RIVAL SUBMISSION AND FOUND FROM RECORD THAT ASSESSMENT FOR ASSESSMENT YEAR 2003-04 AND 2004-05 WAS COMPLETED U/S 143(3) . IN RESPECT OF ASSESSMENT YEAR 2005-06, FOR WHICH THE RETURN WAS FILED ON 31.3.2006. THE SAME WAS PROCESSED U/S 143(3), THE DUE DATE OF NOTICE U/S 143 (2) WAS EXPIRED ON 31.03.2007. SIMILARLY FOR ASSESSMENT YEAR 2006-07, THE RETURN WAS FILED ON 24.01.2007. THE SAME WAS PROCESSED U/S 143(1) AND THE TIME LIMIT FOR ISSUANCE OF NOTICE U/S 143(2 ) EXPIRED ON 31.01.2008. IN THIS CASE, SEARCH WAS CONDUCTED ON 30.05.2008. THUS, FOR THE ASSESSMENT -: 115: - 115 YEAR 2003-04 TO 2006-07, IT CAN BE SAID THAT NO ASSESSMENTS WERE PENDING, APPLYING THE PROPOSITION OF LAW DISCUSSED HEREINABOVE. HOWEVER, WITH RESPECT TO NO INCRIMINATING MATERIAL FOUND DURING COURSE OF SEARCH, THE OBSERVATION OF THE ASSESSING OFFICER WAS AS UNDER;- .. IT WAS FOUND DURING THE COURSE OF ASSESSMENT PROCEEDINGS THE ASSESSEE HAS RECEIVED LOANS AND ADVANCES OF VARIOUS AMOUNTS FROM THREE PRIVATE LIMITED COMPANIES EITHER IN HIS INDIVIDUAL CAPACITY OR AS PROPRIETOR OF HIS FIRMS RAJ INDUSTRIES AND AR UN SAHLOT & ASSOCIATES. FURTHER IT WAS NOTICED THAT RA J HOMES PRIVATE LIMITED (RHPL) HAS BEEN GIVING LOANS TO VARIOUS COMPANIES. IT WAS FOUND THAT THE ASSESSEE ,VAS SUBSTANTIALLY INTERESTED BOTH IN THE AFFAIRS OF RHPL AND THESE OTHER COMPANIES WHICH WERE THE RECIPIENT OF SUCH LOANS. FURTHER IT WAS NOTICED THAT THESE LOANS WERE NOT FOR BUSINESS PURPOSES AS THE ASSESSEE, HIS FIRMS AND THE COMPANIES IN WHICH HE WAS SUBSTANTIALLY INTERESTED -: 116: - 116 WERE ALSO HAVING BUSINESS DEALINGS WITH RHPL AND WERE ALSO OUTSTANDING IN THE COLUMN OF SUNDRY DEBTORS. HENCE, IT WAS CLEARLY SEEN THAT THESE LOAN S WERE JUST TRANSFER OF FUNDS. ' 29. IT IS CLEAR FROM THE FINDING RECORDED BY THE ASSESSING OFFICER IN HIS ASSESSMENT ORDER FAMED U/S 153A THAT THE FACT REGARDING ASSESSEE HAVING RECEIVED LOANS AND ADVANCES FROM THREE COMPANIES, WAS FOUND ONLY DURING THE COURSE OF ASSESSMENT PROCEEDINGS. NOWHERE THE ASSESSING OFFICER HAS REFERRED ANY INCRIMINATING MATERIAL FOUND DURING TH E COURSE OF SEARCH SO AS TO INDICATE THAT ADVANCE WAS GIVEN TO THE ASSESSEE IN CONTRAVENTION OF PROVISION S OF SECTION 2(22)(E) . HOWEVER, WE FOUND THAT CIT(A) WHILE DEALING WITH THIS ISSUE HAVE NOTED THAT ' THE INFORMATION THAT THE ASSESSEE HAS NOT PAID TAX ON DEEMED DIVIDEND TAXABLE U/S 2(22)(E) CAME TO THE KNOWLEDGE OF THE AUTHORIZED OFFICER DURING THE COURSE OF SEARCH '. 30. IT IS CLEAR FROM THE ABOVE THAT CONTRADICTORY -: 117: - 117 FINDING HAS BEEN RECORDED BY THE CIT(A) WITH RESPEC T TO INFORMATION THAT ASSESSEE HAS NOT PAID TAX ON DEEMED DIVIDEND TAXABLE U/S 2(22) (E) CAME TO THE KNOWLEDGE OF AUTHORIZED OFFICE DURING THE COURSE OF SEARCH. HOWEVER, THE CIT(A) HAS NOT REFERRED TO ANY INCRIMINATING MATERIAL INDICATING CONTRAVENTION OF PROVISIONS OF SECTION 2(22){E) AS FOUND DURING THE COURSE OF SEARCH. EVEN DURING THE COURSE OF HEARING BEFORE US, THE LD. CIT DR DID NOT REFER TO ANY INCRIMINATING MATERIAL FOUND DURING THE COURSE OF SEARCH TO SUBSTANTIATE THE OBSERVATION OF CIT(A) . ON THE OTHER HAND, THE LD. AUTHORIZED REPRESENTATIVE HAS VEHEMENTLY ARGUED THAT AS PER THE FINDING RECORDED BY THE ASSESSING OFFICER IN THE ASSESSMENT ORDER U/S 153A, THE FACT THAT ADVANCES HAVING NOT BEEN MADE FOR BUSINESS PURPOSES BY THE ALLEGED COMPANY TO THE ASSESSEE CAME TO THE NOTICE OF DEPARTMENT ONLY DURING THE ASSESSMENT AND NOT DURING COURSE OF SEARCH. 31. IN VIEW OF THE ABOVE CONTRADICTION IN THE FINDI NGS -: 118: - 118 RECORDED BY THE ASSESSING OFFICER AND CIT(A), THE ADDITIONS MADE U/S 2(22)(E) IN THE ASSESSMENT YEARS 2003-0~ TO 2006-07 ARE RESTORED BACK TO THE FILE OF ASSESSING OFFICER FOR DECIDING AFRESH THIS LEGAL ISSUE AFTER GIVING CLEAR FINDING WITH REGARD TO INCRIMINATING DOCUMENTS, IF ANY, FOUND DURING THE COURSE OF SEARCH INDICATING CONTRAVENTION OF PROVISION OF SECTION 2(22)(E) OF THE ACT. THE ASSESSING OFFICER IS DIRECTED TO DECIDE THE LEGAL ISSUE TAKING INTO CONSIDERING THE DECISION OF SPECI AL BENCH AND THE DECISION IN THE CASE OF GURINDER SINGH BABA (SUPRA) AS DISCUSSED ABOVE. WE DIRECT ACCORDINGLY. 10. IN VIEW OF THE ABOVE DISCUSSION, THE LEGAL ISS UE WITH REGARD TO FRAMING OF ASSESSMENT U/S 153A, WHERE NO INCRIMINATING DOCUMENT WAS FOUND DURING SEARCH IS A LSO RESTORED TO THE FILE OF ASSESSING OFFICER FOR DECID ING AFRESH IN TERMS OF OUR ABOVE OBSERVATION, AFTER GIVING DUE OP PORTUNITY TO THE ASSESSEE. -: 119: - 119 11. THE ASSESSEE IS ALSO AGGRIEVED FOR ADDITIO N OF SHARE CAPITAL MADE IN THE ASSESSMENT YEAR 2004-05 AND 200 5-06. 12. WITH RESPECT TO ADDITION MADE U/S 153A/143(3), THE CONTENTION OF ASSESSEE WAS AS UNDER :- 01. THAT THE ASSESSEE FILED ORIGINAL RETURN OF INC OME FOR THE ABOVE ASSESSMENT YEARS 2003-04 TO 2007-08 WITHIN STATUTORY TIME LIMIT THE DETAILS OF THE SAME ARE AS UNDER:- S.NO. A.Y. DUE DATE FOR FILING OF RETURN OF INCOME DATE OF FILING OF RETURN DATE UPTO WHICH NOTICE U/S 143(2) TO BE ISSUED V C WHETHER NOTICE U/S 143(2) WAS ISSUED COMPILATION PAGE NO. 01 2003- 04 30.11.2003 03.11.2004 30.11.2004 NO - 02 2004- 05 31.10.2004 - 31.10.2005 NO ANY NOTICE U/S 143(2) WAS ISSUED 03 2005- 06 31.10.2005 29.10.2005 31.10.2006 YES, NOTICE U/S 143(2) ISSUED ON 16.10.2006 AND ASSESSMENT WAS COMPLETED U/S 143(3) ON 28.12.20097 PAGE NO. 3251 & 3252 VOLUME 12. -: 120: - 120 04. 2006- 07 30.11.2006 28.11.2006 30.11.2007 NO - 05. 2007- 08 31.10.2007 31.10.2007 31.10.2008 NO - 06. 2008- 09 30.09.2008 26.05.2010 30.09.2009 NO - 2. FROM THE ABOVE IT IS CLEAR THAT AS NO INCRIMINATING DOCUMENT WAS FOUND DURING THE COURSE OF SEARCH RELATED TO TH E ASSESSMENT YEARS 2003-04 TO 2007-08 , THUS THE QUES TION OF ABATEMENT OF ASSESSMENT OF THESE YEARS DOES NOT ARISES PARTICULARLY WHEN THE ASSESSMENT FOR THE ASSESSMENT YEAR 2005-06 WAS COMPLETED U/S 143(3) PRIOR TO SEARCH. 3. FROM THE ABOVE FACTS TWO ISSUES ARISES IN THESE APPEALS WHICH ARE AS UNDER :- (I) DURING THE SEARCH OPERATIONS NO INCRIMINATING DOCUMENT WAS FOUND AND SEIZED, WHICH COULD INDICATE ANY UNDISCLOSED INCOME. (II) THE ONLY ADDITION MADE BY THE A.O. WAS ON ACCOUNT OF CLAIM OF PROFIT PERTAINING TO CLIENT IN PRO ACCO UNT FOR ALL THE YEARS UNDER APPEAL AND SHARE CAPITAL FOR TH E A.Y. 2004-05 & 2005-06. 4. ON THESE TWO ISSUES THE SPECIAL BENCH OF ITA T 111 THE CASE -: 121: - 121 OF ALL CARGO GLOBAL LOGISTICS LTD VS. DCIT REPORTE D IN 137 ITO 287 (MUM-SB) AND VARIOUS BENCHES OF TRIBUNAL AN D SO ALSO DELHI HIGH COURT IN THE CASE OF ANIL KUMAR BHA TIA AFTER ANALYZING SECTION 153A AND SO ALSO CBDT CIRCU LAR HELD THAT NO ADDITION COULD BE MADE IN ASSESSMENT U /S 153A I 143 (3) WHEN NO INCRIMINATING DOCUMENT WAS F OUND AND SEIZED DURING THE COURSE OF SEARCH , WHICH COUL D INDICATE ANY UNDISCLOSED INCOME IN THE COMPLETED ASSESSMENT WHICH ARE NOT ABATE. THE SAME WILL BE CL EAR FROM THE FOLLOWINGS:- (I) SECTION 153A AS INTRODUCED IN THE STATUTE W.E.F 01.06.2005, WHEREIN THE SECTION STARTS WITH THE NON OBSTANTE PHRASE 'NOTWITHSTANDING ... '. THEREFORE, AS SOON AS THE SEARCH IS CONCLUDED. THE AO HAVING JURISDICTION OVER THE ASSESSEE, A JURISDICTION IS C AST UPON THE AO TO ISSUE NOTICES UNDER SECTION 153A( 1) FOR THE PRECEDING SIX YEARS, CALLING UPON THAT PERS ON TO FILE ITS RETURNS. AS SOON AS THE NOTICES ARE ISS UED, DUE PROCESS OF LAW SHALL BEGIN AND AO AND THE ASSESSEE ARE REQUIRED TO FOLLOW THE SAME, WHICH SHA LL -: 122: - 122 CULMINATE WITH THE AO TO ASSESS OR REASSESS THE TOT AL INCOME OF THE SEARCHED PERSON IN ALL THE SIX YEARS IN QUESTION. WHILE CASTING THIS JURISDICTION OVER THE AU THE LEG ISLATURE, TO REMOVE ALL THE DIFFICULTIES WITH REGARD TO THE MULT IPLICITY OF PROCEEDINGS PENDING ON THE DATE OF INITIATION OF SE ARCH, THROUGH 2ND PROVISO, EXPUNGED ALL THOSE PROCEEDINGS, SO THA T THE ASSESSEE AND THE AO SHALL, AS PER CLAUSE (II), ASSE SS OR REASSESS THE TOTAL INCOME OF THE SEARCHED PERSON. T HIS BARRIER HAS BEEN SET UP BY THE LEGISLATURE ONLY WITH REGARD TO PROCEEDINGS THAT WERE FOUND PENDING BEFORE THE AO O N THE DATE OF SEARCH. THEREFORE, A PROCEEDING WHICH IS PENDING , ONLY THOSE PROCEEDINGS SHALL GET ABATED. IN OTHER WORDS, ANY P ROCEEDING THAT HAS REACHED ITS FINALITY SHALL NOT BE DISTURBE D, AS PER THE CLARIFICATION ISSUED BY THE CBDT, THROUGH CIRCULAR NO. 7, DATED 05.09.2003 (SUPRA), UNLESS THERE ARE MATERIALS FOUN D, INDICATING EXISTENCE OF INCOME EMBEDDED IN THOSE INCRIMINATING DOCUMENT (S). (II ) BY MAKING ABOVE ANALYSIS ON THE ABOVE FACTS THE HON'BLE SPECIAL BENCH IN ALL CARGO GLOBAL LOGISTICS HELD -: 123: - 123 AS UNDER:- FACTS OF THE CASE NARRATED IN PARA 5 WHICH READS AS UNDER:- 5. THE APPEALS INVOLVED ASSESSMENT YEAR 2004-05 TO 200 9- 10. THE FACTS ARE SUMMARIZED HERE. IN THE PREVIOUS YEARS RELEVANT TO ASSESSMENT YEAR 2004-05 TO 2008-09, THE ASSESSEE HAD BEEN OPERATING THE CFS AT JAWAHAR LAL NEHRU POR T TRUST. SUCH CFS WAS ALSO OPERATED AT CHENNAI IN THE PREVIO US YEAR RELEVANT TO ASSESSMENT YEAR 2009-10. THE FACTS FOR ASSESSMENT YEAR 2004-05 WAS COMPLETED ON 30 TH DECEMBER 2006, UNDER SECTION 143(3) OF THE ACT. THE RETURN FOR ASSESSMEN T YEAR 2005- 06 WAS PROCESSED ON 21 ST SEPTEMBER, 2006 UNDER SECTION 143(1) RETURN ASSESSMENT YEAR 2006-07 WAS ALSO PROC ESSED ON 27TH NOVEMBER, 2007, UNDER SECTION 143(1). THUS NO PROCEEDING WAS PENDING FOR THESE YEARS ON 10TH JULY , 2009, WHEN SEARCH WAS CONDUCTED UNDER SECTION 132(1). IN THE ORIGINAL PROCEEDINGS FOR ASSESSMENT YEAR 2004-05, T HE CLAIM OF THE ASSESSEE UNDER SECTION 80-IA(4) WAS SCRUTINIZED BY ISSUING A QUESTIONNAIRE DATED 25 TH MAY, 2006, INFORMATION AND CLARIFICATION WERE SOUGHT AND VIDE POINT NO. 20(A), THE ASSESSEE WAS REQUIRED TO FURNISH A NOTE ON THE UNIT WITH REF ERENCE TO ITS -: 124: - 124 COMMISSIONING AND CAPITAL WORK-IN-PROGRESS SHOWN IN THE BALANCE SHEET. THIS POINT WAS SPECIFICALLY RESPONDE D TO IN LETTER DATED 6TH AUGUST, 2006, IN WHICH IT WAS SUBMITTED T HAT THE CFS ACTIVITY COMMENCED FROM 7TH APRIL, 2003. A NOTI FICATION HAD BEEN RECEIVED FROM THE COMMISSIONER OF CUSTOMS (IMPORT), JAWAHAR CUSTOMS HOUSE BEARING NO.3 OF 2003 DATED 28 1H FEB, 2003, CLASSIFYING THE AREA 3,282 SQUARE MTRS. AS 'C USTOMS AREA FOR THE PURPOSE OF STORAGE, STUFFING/DESTUFFI NG AND CLEARANCE OF EXPORT/IMPORT CARGO. SUBSEQUENTLY THE COMMISSIONER HAS NOTIFIED THE SAME AREA AS 'CUSTOMS AREA' FOR EXPORT CARGO AND THE ASSESSEE HAS BEEN CERTIFIED AS A CUSTODIAN FOR CARGO UNDER CUSTOMS ACT, 1962, COPIES OF RELEVANT NOTIFICATIONS WERE ALSO ENCLOSED. ON THE ABOVE FACTS THE HON'BLE SPECIAL BENCH IN PAR A 58 HELD AS UNDER :- '58. THUS QUESTION NO.1 BEFORE US IS ANSWERED A) AS UNDER: (A) IN ASSESSMENTS THAT ARE ABATED, THE A.O. RETAIN S THE ORIGINAL JURISDICTION AS WELL AS JURISDICTION CONFERRED ON H IM UNDER SECTION 153A FOR WHICH ASSESSMENTS SHALL BE MADE FO R EACH OF THE SIX ASSESSMENT YEARS SEPARATELY: -: 125: - 125 (B) IN OTHER CASES, IN ADDITION TO THE INCOME THAT HAS ALREADY BEEN ASSESSED, THE ASSESSMENT UNDER SECTION 153A WI LL BE MADE ON THE BASIS OF INCRIMINATING MATERIAL, WHICH IN THE CONTEXT OF RELEVANT PROVISIONS MEANS. (I) BOOKS OF ACCOUNT, OTHER DOCUMENTS, FOUND IN THE COURSE OF SEARCH BUT NOT PRODUCED IN THE COURSE OF ORIGINAL ASSESSMENT, AND (I) UNDISCLOSED INCOME OR PROPERTY DISCOVERED IN THE COURSE OF SEARCH. (III) THEREFORE WHAT EMERGES IS THAT NO DOUBT 153A SHALL BE INITIATED AND ALL THE SIX YEARS SHALL BECOME SUBJEC T MATTER OF ASSESSMENT UNDER SECTION 153A. THE AO SHALL GET THE FEE HAND THOUGH ABATEMENT, ONLY ON THE PROCEEDINGS THAT ARE / IS PENDING. IT IS, IN THESE ABATED PROCEEDIN GS, AO CAN FRAME THE ASSESSMENTS AFRESH. BUT IN A CASE OR IN A CIRCUMSTANCES WHERE THE PROCEEDINGS HAVE REACHED FINALITY, ASSESSMENT UNDER SECTION 153A READ WITH 1 43(3) HAS TO BE MADE AS WAS ORIGINALLY MADE ASSESSED AND IN CASE WHERE CERTAIN INCRIMINATING DOCUMENTS HAVE BEE N FOUND INDICATING UNDISCLOSED INCOME, THEN THE ADDIT ION SHALL ONLY BE RESTRICTED TO THOSE DOCUMENTS/INCRIMI NATING -: 126: - 126 MATERIAL, AND CLUBBED ONLY TO THE ASSESSMENT FRAMED ORIGINALLY, AS THE LAW DOES NOT PERMIT THE AO TO DI STURB ALREADY CONCLUDED ISSUES. WHETHER IT PERTAINED TO A NY OTHER INCOME OR EXPENDITURE OR DEDUCTIONS AS ALSO OBSERVED BY THE HON'BLE DELHI HIGH COURT IN THE CAS E OF ANIL KUMAR BHATIA. '18. A PERUSAL OF SECTION 153A SLWWS THAT IT STARTS WITH A NON OBSTANTE CLAUSE RELATING TO NORMAL ASSESSMENT, PROCEDURE WHICH IS COVERED BY SECTIONS 139, 147, 248,249, 151 AND 153 IN RESPECT OF SEARCHES MADE AF TER 31.5.2003. THESE SECTIONS, THE APPLICABILITY OF WHI CH HAS BEEN EXCLUDED, RELATE TO RETURNS, ASSESSMENT AND REASSESSMENT PROVISIONS. PRIOR TO THE INTRODUCTION OF THESE THREE SECTIONS, THERE WAS CHAPTER XIV-B OF THE ACT, WHICH TOOK CARE OF THE ASSESSMENT TO BE MADE IN CASES OF SEARCH & SEIZURE. SUCH AN ASSESSMENT WAS POPULARLY KNOWN AS 'BLOCK ASSESSMENT' BECAUSE THE CHAPTER PROVIDED FOR A SINGLE ASSESSMENT BE MADE IN RESPECT OF A PERIOD OF A BLOCK OF TEN ASSESSMENT YEARS PRIOR TO THE ASSESSME NT YEAR IN WHICH THE SEARCH WAS MADE IN ADDITION TO TH ESE -: 127: - 127 TEN ASSESSMENT YEARS, THE BROKEN PERIOD UP TO THE D ATE ON WHICH THE SEARCH WAS CONDUCTED WAS ALSO INCLUDED IN WHAT WAS KNOWN AS 'BLOCK PERIOD'. THOUGH A SINGLE ASSESSMENT ORDER WAS TO BE PASSED, THE UNDISCLOSED INCOME WAS TO BE ASSESSED IN THE DIFFERENT ASSESSME NT YEAS TO WHICH IT RELATED. BUT ALL THIS HAD TO BE MA DE IN A SINGLE ASSESSMENT ORDER. THE BLOCK ASSESSMENT SO MA DE WAS INDEPENDENT OF AND IN ADDITION TO THE NORMAL ASSESSMENT PROCEEDINGS AS CLARIFIED BY THE EXPLANAT ION BELOW SECTION 15BBA(2). AFTER THE INTRODUCTION OF T HE GROUP OF SECTIONS NAMELY, 153A TO 153C, THE SINGLE BLOCK ASSESSMENT CONCEPT WAS GIVEN A GO-BY. UNDER THE NEW SECTION 153A, IN A CASE WHERE SEARCH IS INITIATED U NDER SECTION 132 OR REQUISITION OF BOOKS OF ACCOUNT, DOC UMENTS OR ASSETS IS MADE UNDER SECTION 132A AFTER 31.5.200 8, THE ASSESSING OFFICER IS OBLIGED TO ISSUE NOTICES CALLI NG UPON THE SEARCHED PERSON TO FURNISH RETURNS FOR THE SIX ASSESSMENT YEARS IMMEDIATELY PRECEDING THE ASSESSME NT YEAR RELEVANT TO THE PREVIOUS YEAR IN WHICH THE SEA RCH WAS CONDUCTED OR REQUISITION WAS MADE. THE OTHER DIFFER ENCE IS -: 128: - 128 THAT THERE IS NO BROKEN PERIOD FROM THE FIRST DAY O F APRIL OF THE FINANCIAL YEAR IN WHICH THE SEARCH TOOK PLACE O R THE REQUISITION WAS MADE AND ENDING WITH THE DATE OF SEARCH/REQUISITION. UNDER SECTION 153A AND THE NEW SCHEME PROVIDED FOR THE AO IS REQUIRED TO EXERCISE THE NORMAL ASSESSMENT POWERS IN RESPECT OF THE PREVIOUS YEAR IN WHICH THE SEARCH TOOK PLACE. 19. UNDER THE PROVISIONS OF SECTION 153A, AS WE HAV E ALREADY NOTICED, THE ASSESSING OFFICER IS BOUND TO ISSUE NO TICE TO THE ASSESSEE TO FURNISH RETURNS FOR EACH ASSESSMENT YEA R FALLING WITHIN THE SVC ASSESSMENT YEARS IMMEDIATELY PRECEDI NG THE ASSESSMENT YEAR RELEVANT TO THE PREVIOUS YEAR IN WH ICH THE SEARCH OR REQUISITION WAS MADE. ANOTHER SIGNIFICANT FEATURE OF THIS SECTION IS THAT THE ASSESSING OFFICER IS EMPOW ERED ASSESS OR REASSESS THE 'TOTAL INCOME' OF THE AFORESAID YEA RS. THIS IS SIGNIFICANT DEPARTURE FROM THE EARLIER BLOCK ASSESS MENT SCHEME IN WHICH THE BLOCK ASSESSMENT ROPED IN ONLY THE UND ISCLOSED INCOME AND THE REGULAR ASSESSMENT PROCEEDINGS WERE PRESERVED, RESULTING IN MULTZLE ASSESSMENTS. UNDER SECTION 153A, HOWEVER, THE ASSESSING OFFICER HAS BEEN GIVEN THE POWER -: 129: - 129 TO ASSESSEE OR REASSESS THE 'TOTAL INCOME' OF THE S IX ASSESSMENT YEARS IN QUESTION IN SEPARATE ASSESSMENT ORDERS. TH IS MEANS THAT THERE CAN BE ONLY ONE ASSESSMENT ORDER IN RESP ECT OF EACH OF THE SIX ASSESSMENT YEARS IN WHICH BOTH THE DISCL OSED AND THE UNDISCLOSED INCOME WOULD BE BROUGHT TO TAX. 20. A QUESTION MAY ARISE AS TO HOW THIS IS TO BE S OUGHT TO BE ACHIEVED WHERE AN ASSESSMENT ORDER HAD ALREADY BEEN PASSED IN RESPECT OF ALL OR ANY OF THOSE SIX ASSESSMENT YE ARS, EITHER UNDER SECTION 143(1)(A) OR SECTION 143(3) OF THE AC T. IF SUCH AN ORDER IS ALREADY IN EXISTENCE, HAVING OBVIOUSLY BEE N PASSED PRIOR TO THE INITIATION OF THE SEARCH/REQUISITION, THE ASSESSING OFFICER IS EMPOWERED TO REOPEN THOSE PROCEEDINGS AN D REASSESS THE TOTAL INCOME TAKING NOTE OF THE UNDISCLOSED INC OME, IF ANY, UNEARTHED DURING THE SEARCH. FOR THIS PURPOSE, THE FETTERS IMPOSED UPON THE ASSESSING OFFICER BY THE STRICT PR OCEDURE TO ASSUME JURISDICTION TO REOPEN THE ASSESSMENT UNDER SECTION 147 AND 148, HAVE BEEN REMOVED BY THE NON OBSTANTE CLAUSE WITH WHICH SUB SECTION (1) OF SECTION 153A OPENS. T HE TIME-LIMIT WITHIN WHICH THE NOTICE UNDER SECTION 148 CAN BE IS SUED, AS PROVIDED IN SECTION 149 HAS ALSO BEEN MADE INAPPLICABLE BY THE -: 130: - 130 NON OBSTANTE CLAUSE. SECTION 151 WHICH REQUIRES SAN CTION TO BE OBTAINED BY THE ASSESSING OFFICER BY ISSUE OF NOTIC E TO REOPEN THE ASSESSMENT UNDER SECTION 148 HAS ALSO BEEN EXCLUDED IN A CASE COVERED BY SECTION 153A. THE TIME-LIMIT PRESCR IBED FOR COMPLETION OF AN ASSESSMENT OR REASSESSMENT BY SECT ION 153 HAS ALSO BEEN DONE AWAY WITH IN A CASE COVERED BY S ECTION 153A WITH ALL THE STOP HAVING BEEN PULLED OUT, THE ASSESSING OFFICER UNDER SECTION 153A HAS BEEN ENTRUSTED WITH THE DUTY OF BRINGING TO TAX THE TOTAL INCOME OF AN ASSESSEE 'WH OSE CASE IS COVERED BY SECTION 153A, BY EVEN MAKING REASSESSMEN TS WITHOUT ANY FETTERS, IF NEED BE. 21. NOW THERE CAN BE CASES WHERE AT THE TIME WHEN THE SEARCH IS INITIATED OR REQUISITION IS MADE, THE ASSESSMENT OR REASSESSMENT PROCEEDINGS RELATING TO ANY ASSESSMENT YEAR FALLING WITHIN THE PERIOD OF THE SIX ASSESSMENT YEARS MENTIONED ABOVE MAY BE PENDING. IN SUCH A CASE. THE SECOND P ROVISO TO SUB SECTION (1) OF SECTION 153A SAYS THAT SUCH PROC EEDINGS SHALL ABATE '. THE REASON IS NOT JAR TO SEEK UNDER SECTION 153A, THERE IS NO ROOM FOR MULTIPLE ASSESSMENT ORDE RS IN RESPECT OF ANY OF THE SIX ASSESSMENT YEARS UNDER -: 131: - 131 CONSIDERATION. THAT IS BECAUSE THE ASSESSING OFFICE R HAS TO DETERMINE NOT MERELY THE UNDISCLOSED INCOME OF THE ASSESSEE, BUT ALSO THE TOTAL INCOME OF THE ASSESSEE IN WHOSE CASE A SEARCH OR REQUISITION HAS BEEN INITIATED, OBVIOUSLY THERE CANNOT BE SEVERAL ORDERS FOR THE SANE ASSESSMENT YEAR DETE RMINING THE TOTAL INCOME OF THE ASSESSEE IN ORDER TO ENSURE THI S STATE OF AFFAIRS NAMELY, THAT IN RESPECT THE SIX ASSESSMENT YEARS PRECEDING THE ASSESSMENT YEAR RELEVANT TO THE YEAR IN WHICH THE SEARCH TOOK PLACE THERE IS ONLY ONE DETERMINATI ON OF THE TOTAL INCOME, IT HAS BEEN PROVIDED IN THE SECOND PR OVISO OF SUB SUB-SECTION 153A THAT ANY PROCEEDINGS FOR ASSESSMEN T OR REASSESSMENT OF THE ASSESSEE WHICH ARE PENDING ON T HE DATE OF INITIATION OF THE SEARCH OR MAKING REQUISITION 'SHA LL ABATE '. ONCE THOSE PROCEEDINGS ABATE, THE DECKS ARE CLEARED , FOR THE ASSESSING OFFICER TO PASS ASSESSMENT ORDERS FOR EAC H OF THOSE SIX YEARS DETERMINING THE TOTAL INCOME OF THE ASSES SEE WHICH WOULD INCLUDE BOTH THE INCOME DECLARED IN THE RETUR NS, IF ANY, FURNISHED BY THE ASSESSEE AS WELL AS THE UNDISCLOSE D INCOME, IF AN)', UNEARTHED DURING THE SEARCH OR REQUISITION. T HE POSITION THUS EMERGING IS THAT WHERE ASSESSMENT OR REASSESSM ENT -: 132: - 132 PROCEEDINGS ARE PENDING COMPLETION 'WHEN THE SEARCH IS INITIATED OR REQUISITION IS MADE THEY WILL ABATE MA KING WAY FOR THE ASSESSING OFFICER TO DETERMINE THE TOTAL INCOME OF THE ASSESSEE IN WHICH THE UNDISCLOSED INCOME WOULD ALSO BE INCLUDED BUT IN CASES WHERE THE ASSESSMENT OR REASS ESSMENT PROCEEDINGS HAVE ALREADY BEEN COMPLETED AND ASSESSM ENT ORDERS HAVE BEEN PASSED DETERMINING THE ASSESSEE'S TOTAL INCOME AND SUCH ORDERS ARE SUBSISTING AT THE TIME W HEN THE SEARCH OR THE REQUISITION IS MADE, THERE IS NO QUES TION OF ANY ABATEMENT SINCE NO PROCEEDINGS ARE PENDING. IN THIS LATTER SITUATION, THE ASSESSING OFFICER WILL REOPEN THE AS SESSMENTS OR REASSESSMENTS ALREADY MADE (WITHOUT HAVING THE NEED TO FALLOW THE STRICT PROVISIONS OR COMPLYING 'WITH THE STRICT CONDITIONS OF SECTIONS 147, 148 AND 151) AND DETERM INE THE TOTAL INCOME OF THE ASSESSEE. SUCH DETERMINATION IN THE ORDERS PASSED UNDER SECTION IS3A WOULD BE SIMILAR TO THE O RDERS PASSED IN ANY REASSESSMENT, WHERE THE TOTAL INCOME DETERMINED IN THE ORIGINAL ASSESSMENT ORDER AND THE INCOME THAT ESCAPED ASSESSMENT ARE CLUBBED TOGETHER AND AS SESSED AS THE TOTAL INCOME' -: 133: - 133 (IV) FROM THE ABOVE IT IS DEAR THAT NO DISTINCTION HAVE BEEN MADE BY THE COURTS IN ASSESSMENT COMPLETED EITHER U /S 143(1) OR 143(3) WHICH WILL BE CLEAR FROM THE BARER READING OF PARA 16(A) OF THE JUDGMENT WHICH IS REPORTED IN 147 TTJ RELEVANT PAGE IS 529 THE SAID PARA READ AS UNDER:- 'IN THE CASE OF LMJ INTERNATIONAL (SUPRA), IN PARA 13, IT IS MENTIONED THAT THE TOTAL INCOME OF THE ASSESSEE IS TO BE RECOMPUTED ON THE BASIS OF THE UNDISCLOSED INCOME U NEARTHED DURING SEARCH AND THE SAME IS TO BE ADDED TO REGULA R INCOME ASSESSED UNDER SECTION 143(3) OR COMPUTED UNDER SEC TION 143(1) . IN PARA NO. 14, IT IS MENTIONED THAT THE D EPARTMENT SEEKS TO PLACE INTERPRETATION ON THE PROVISIONS, WH ICH IF ACCEPTED, WOULD LEAD TO SERIOUS HARDSHIP, INCONVENIENCE, INJUSTICE, ABSURDITY AND ANOMALY. FINALLY, IT HAS B EEN MENTIONED THAT THE BOARD CIRCULAR NO. 7 OF 2003, DA TED 5 111 SEPTEMBER, 2003 (2003) 18-1 CTR (ST) 33. CLEARLY IN DICATES THAT THE APPEAL, REVISION ETC. ARISING OUT OF EARLIER AS SESSMENT SHALL NOT ABATE, WHICH MEANS THAT THERE IS NO MERGER OF E ARLIER ASSESSMENTS WITH THE ASSESSMENT MAOE UNDER THE NEW SCHEME '. -: 134: - 134 (V) FURTHER IN PARA 55( D) & (G) TO (I) THE HON:B1 E BENCH OBSERVED AS UNDER: PARA D '(D) IN THE CASE OF PADMASUNDARA RAO (DECD.) (SUPR A) A NOTE OF CAUTION HAS BEEN MADE THAT WHILE INTERPRETI NG A STATUTE, CASUS OMISSUS SHOULD NOT BE READILY INFERR ED. INSTEAD ALL PARTS OF A STATUTE OR SECTION MUST BE CONSTRUED TOGETHER WITH REFERENCE TO THE CONTEXT AND OTHER CLAUSE SO AS TO MAKE IT A CONSISTENT STATUTE. WE HA VE READ THE PROVISIONS OF SECTION 132(1) AND SECTION 153A TOGET HER, WHICH ARE IN THE NATURE OF CAUSE AND EFFECT AND THEREFOR E IN OUR HUMBLE OPINION WE HAVE RIGHTLY READ THEM TOGETHER, READING SECTION 153A IN ISOLATION AND AS INTERPRETED BY THE LEARNED STANDING COUNSEL WOULD HAVE THE EFFECT THAT IN CASE OF AN ASSESSMENT, WHICH IS NOT PENDING AND WHERE NOTHING IS FOUND, THE SAME MAY BE REOPENED. SUCH INTERPRETATION WILL PRODUCE A RESULT THAT AN ASSESSMENT WHICH HAS COME TO AN END AND FOR WHICH THERE IS NO CAUSE OF REOPENING SHALL REVIVE S IMPLY BECAUSE A SEARCH HAS BEEN CONDUCTED. ACCORDING TO U S, THIS WILL NOT BE HARMONIOUS INTERPRETATION OF VARIOUS PROVISI ONS OF SECTION -: 135: - 135 132 AND 153A, (G) IN THE CASE OF C. B.GAUTAM (SUPRA), THE FINDING WAS THAT PROVISIONS CONTAINED IN CHAPTER XX-C DO NOT CONFER UNFETTERED POWERS ON THE APPROPRIATE AUTHORITIES FOR PRE-EMPTI VE PURCHASE OF' A PROPERTY, WHEN IT HAS BEEN AGREED TO BE SOLD BY THE ASSESSEE FOR A CONSIDERATION SIGNIFICANTLY LOWER TH AN THE FAIR MARKET VALUE. WE ARE OF THE VIEW THE PROVISIONS IN SECTION 153A ALSO DO NOT CONFER ANY ARBITRARY OR UNBRIDLED POWER ON THE A. 0. HOWEVER, THAT IS NOT THE REAL ISSUE. THE REAL ISSUE IS WHETHER THERE IS ANY SANCTITY OF COMPLETED ASSESSMENT IN RE SPECT OF WHICH NOTHING HAS BEEN FOUND IN SEARCH. WHEN WE LOO K TO ANY OTHER PROVISIONS REGARDING REOPENING OF ASSESSMENT, WE FIND THAT THERE ARE CERTAIN PRECONDITIONS TO BE SATISFIE D FOR DOING SO. THE PRECONDITION IN THIS CASE IS THE INITIATION AND CONDUCTING OF THE SEARCH. THE AVOWED PURPOSES OF SEARCH HAVE ALREADY BEEN STATED BY US. IN CASE DECIDED UNDER SECTION 147 OR 263, THE SCOPE OF ASSESSMENT IS NARROWER THAN THE SCOPE OF' ORIGINAL ASSESSMENT. THIS IS BECAUSE MATTER WHICH HAS BEEN D ISCUSSED AND DEBATED IN ASSESSMENT, WHICH HAS BECOME FINAL, AND FOR WHICH THERE IS NO REASON TO AGITATE AGAIN IN THE RE ASSESSMENT, -: 136: - 136 THERE IS NO REASON TO REOPEN THEM. THIS CONSIDERATI ON WOULD BE APPLICABLE IN THE REASSESSMENT UNDER SECTION 153A A ND GUIDELINES CAN BE CLEARLY DISCERNED IN THE PROVISIO N CONTAINED IN SECTION 132(1). (H) IN THE CASE OF MAHENDRA SAREE EMPORIUM (SUPRA), IT HAS BEEN HELD THAT ABATEMENT KILLS THE RIGHT TO SUE AND HAS THE EFFECT OF UNCEREMONIOUSLY TERMINATING PENDING LEGAL PROCEEDINGS WITHOUT ANY REGARD TO MERITS, SUCH ABAT EMENT TAKES PLACE ONLY IN RESPECT OF A PENDING ASSESSMENT . THERE IS NO WORD IN THE PROVISION TO THE EFFECT THAT EVEN CO MPLETED ASSESSMENTS ABATE. THEREFORE, SANCTITY OF SUCH ASSE SSMENT SHOULD BE MAINTAINED EXCEPT WHEN SOMETHING IS FOUND IN SEARCH WHICH GOES.'' AGAINST SUCH SANCTITY. WE ARE OF THE VIEW THAT THE SANCTITY IS VIOLATED NOT ONLY ON DETECTION OF UNDISCLOSED INCOME OR ASSET BUT ALSO WHEN BOOKS OF ACCOUNT OR OTHER DOCUMENTS WHICH SHOULD HAVE BEEN PRODUCED IN ORIGINAL ASSESSMENT AS THEY WERE RELEVANT TO THE AS SESSMENT, HAVE NOT BEEN PRODUCED. BUT FOUND IN THE COURSE OF SEARCH. (I) 'THE DECISION IN THE CASE OF RAMBALLABH GUPTA (SUPRA) LEADS TO THE CONCLUSION THAT RECOURSE TO SECTION 1- 17 CANNOT BE -: 137: - 137 TAKEN FOR THE YEARS WHICH ARE COVERED UNDER SECTION 153A. THERE IS OTHER FINDING REGARDING REASSESSMENT OF 6 YEARS ALSO, WHICH IS INCIDENTAL TO THE AFORESAID FINDING. WE MA Y ADD THAT WE HAVE NOT HELD THAT THE ASSESSMENT CAN BE MADE ON LY FOR THOSE YEARS IN RESPECT OF WHICH BOOKS OR ASSETS ETC , ARE FOUND. WE HAVE COME TO THE CLEAR FINDING THAT ASSESSMENT/ REASSESSMENT FOR ALL SIX VEAL'S WILL HAVE TO BE MAD E. THE REAL QUESTION IS THE SCOPE OF REASSESSMENT WHICH IS NOT PENDING, FOR WHICH WE HAVE READ PROVISIONS OF SECTION 132(1) AND SECTION 153A TOGETHER. THUS THE TOTAL INCOME UNDER REASSESS MENT MAY BE THE SAME AS IN THE ORIGINAL ASSESSMENT OR MAY BE HIGHER THAN THAT, DEPENDING UPON THE MATERIALS WHICH ARE U NCOVERED IN THE COURSE OF SEARCH. WE ARE ALSO OF THE VIEW TH AT ISSUE OF NOTICE FOR SIX YEARS AND COMPUTING REASSESSMENT FOR THESE YEARS EVEN IF NO MATERIAL IS FOUND IN THE COURSE OF SEARCH FOR SOME YEARS EVEN NO MATERIAL IS FOUND IN THE COURSE OF SEARCH FOR SOME YEARS DOES NOT AMOUNT TO HARASSMENT ETC. A ND EVEN IF IT DOES SO, THE SAME HAS TO BE IGNORED IN VIEW OF THE CLEAR STATUTORY PROVISION. (II) FOLLOWING THE ABOVE DECISION OF SPECIAL BENCH THE VARIOUS -: 138: - 138 BENCHES OF THE HON'BLE TRIBUNALS HAVE DECIDED THAT WHERE THE TIME LIMIT FOR ISSUANCE OF NOTICE U/S 143(2) WAS EX PIRED, IN ASSESSMENT U/S 153A / 153C THE ADDITION COULD BE MA DE ONLY ON THE BASIS OF INCRIMINATING DOCUMENTS FOUND AND S EIZED DURING THE COURSE OF SEARCH. SOME OF THE DECISIONS ARE AS UNDER:- (A) GURINDER SINGH BAWA VS. DY. CIT ITA NOS. 2075 & 2669 (MUM) OF 2010 ORDER DATED NOVEMBER 16. 2012. IN THE INSTANT CASE THE HONBLE BENCH OF WHICH THE HON'BLE PRESIDENT OF ITAT WAS ALSO ONE OF THE SIGNATORY HEL D AS UNDER:- PARA 6 .. WE HAVE PERUSED THE RECORDS AND CONSIDERED THE R IVAL CONTENTIONS CAREFULLY. THE DISPUTE RAISED IS RAISE D LEGAL VALIDITY OF ADDITION MADE BY AO UNDER SECTION 153A OF THE AC T, UNDER THE PROVISIONS OF SECTION 153A, IN ALL CASES, WHERE SEARCH IS CONDUCTED UNDER SECTION 132 OF THE ACT, AO IS EMPOW ERED TO ASSESS OR REASSESS TOTAL INCOME OF SIX ASSESSMENT Y EARS PRECEDING THE ASSESSMENT YEAR IN WHICH SEARCH WAS C ONDUCTED. THE SECTION ALSO PROVIDES THAT ASSESSMENT OR REASSE SSMENT -: 139: - 139 RELATING TO ANY ASSESSMENT YEAR FALLING WITHIN PERI OD OF SIX ASSESSMENT YEARS IF PENDING ON THE DATE OF INITIATION OF SEARCH SHALL ABATE. THERE HAVE BEEN DIVERGENT VIEWS REGARD ING SCOPE OF APPLICATION OF SECTION 153A IN CASES WHERE NO INCRI MINATING MATERIAL WAS FOUND INDICATING ANY UNDISCLOSED INCOM E. SOME OF THE TRIBUNAL BENCHES HAD TAKEN THE VIEW THAT IN CAS E NO INCRIMINATING MATERIAL 'WAS FOUND AO HAD NO JURISDI CTION TO MAKE ASSESSMENT OR REASSESSMENT UNDER SECTION 153A WHILE SOME OTHER BENCHES HELD THAT JURISDICTION UNDER SEC TION 153A 'WAS AUTOMATIC TO REASSESS SIX IMMEDIATE PRECEDING ASSESSMENT YEARS IRRESPECTIVE OF THE FACT WHETHER A NY INCRIMINATING MATERIAL WAS FOUND OR NOT. ANOTHER AS PECT ON WHICH THERE HAD BEEN DIVERGENT VIEWS WAS WHETHER EV EN AO HAD JURISDICTION UNDER SECTION 153A , ADDITION CAN BE MADE IN ASSESSMENT / REASSESSMENT ONLY WHEN SOME INCRIMINAT ING MATERIAL HAS BEEN FOUND. ALL THESE ASPECT HAD BEEN REFERRED TO THE SPECIAL BENCH OF THE TRIBUNAL IN CASE OF ALLCAR GO GLOBAL LOGISTICS LTD VS. DY. CIT (2012) 137 ITD 287 AND OR DER OF SPECIAL BENCH DATED 06.07.2012 HAS BEEN REFERRED. 6.1 THE SPECIAL BENCH IN THE CASE OF ALL CARGO GLOB ED LOGISTICS -: 140: - 140 LTD (SUPRA) HAS HELD THAT PROVISIONS OF SECTION 153 A COME INTO OPERATION IF A SEARCH OR REQUISITION IS INITIATED A FTER 31.05.2003 AND NO SATISFACTION OF THIS CONDITION, THE AO IS UN DER OBLIGATION TO ISSUE NOTICE TO THE PERSON REQUIRING HIM TO FURN ISH THE RETURN OF INCOME FOR SIX YEARS IMMEDIATELY PRECEDING THE Y EAR OF SEARCH . THE SPECIAL BENCH FURTHER HELD THAT IN CASE ASSES SMENT HAS ABATED, THE AO RETAINS THE ORIGINAL JURISDICTION AS WELL AS JURISDICTION UNDER SECTION 153A FOR WHICH ASSESSMEN T SHALL BE MADE FOR EACH ASSESSMENT YEAR SEPARATELY, THUS IN C ASE WHERE ASSESSMENT HAS ABATED THE AO CAN MAKE ADDITION IN T HE ASSESSMENT, EVEN IF NO INCRIMINATING MATERIAL HAS B EEN FOUND. BUT IN OTHER CASES THE SPECIAL BENCH HELD THAT THE ASSESSMENT UNDER SECTION 153A CAN BE MADE ON THE BASIS OF INCR IMINATING MATERIAL WHICH IN THE CONTEXT OF RELEVANT PROVISION S MEANS BOOKS OF ACCOUNT AND OTHER DOCUMENTS FOUND IN THE C OURSE 0.( SEARCH BUT NOT PRODUCED IN THE COURSE OF ORIGINAL A SSESSMENT AND UNDISCLOSED INCOME OR PROPERTY DISCLOSED DURING THE COURSE OF SEARCH. IN THE PRESENT CASE, THE ASSESSMENT HAD BEEN COMPLETED UNDER SUMMARY SCHEME UNDER SECTION 143 (1) AND TIME LIMIT FOR ISSUE OF NOTICE UNDER SECTION 143(2) HAD EXPIRED ON -: 141: - 141 THE DATE OF SEARCH. THEREFORE, THERE WAS NO ASSESSM ENT PENDING IN THIS CASE AND IN SUCH A CASE THERE WAS NO QUESTI ON OF ABATEMENT . THEREFORE, ADDITION COULD BE MADE ONLY ON THE BASIS OF INCRIMINATING MATERIAL FOUND DURING SEARCH. 6.2 IN THIS CASE, THE AO HAD MADE ASSESSMENT ON THE INFORMATION /MATERIAL AVAILABLE IN THE RETURN OF IN COME. THE INFORMATION REGARDING THE GIFT WAS AVAILABLE IN THE RETURN OF INCOME AS CAPITAL ACCOUNT HAD BEEN CREDITED BY THE ASSESSEE BY THE AMOUNT OF GIFT. SIMILAR WAS THE POSITION IN RELATION TO ADDITION UNDER SECTION 2(22)(E) . THE AO HAD NOT RE FERRED TO ANY INCRIMINATING MATERIAL FOUND DURING THE SEARCH BASE D ON WHICH ADDITION HAD BEEN MADE. THEREFORE FOLLOWING THE DEC ISION OF THE SPECIAL BENCH (SUPRA), WE HOLD THAT THE AO HAD NO J URISDICTION TO MAKE ADDITION UNDER SECTION 153A. THE ADDITION M ADE THEREFORE DELETED ON THIS LEGAL GROUND. ON MERIT AL SO WE DO NOT FIND ANY CASE TO SUSTAIN THE ADDITION. THE ADDITION MADE IS ON ACCOUNT OF GIFT WHICH IS NOTHING BUT LOAN TAKEN BY THE ASSESSEE WHICH WAS CONVERTED INTO GIFT DURING THE YEAR. THUS SOURCE OF GIFT WAS LOAN WHICH THE AO HIMSELF HAS ADMITTED HAD BEEN TAKEN BY THE ASSESSEE IN THE YEAR PRIOR TO 2000. TH EREFORE, -: 142: - 142 ADDITION IF ANY COULD HAVE BEEN MADE IN THE YEAR O F LOAN. SIMILARLY, CLAIM OF THE ASSESSEE AND FINDING OF CIT (A) THAT THERE WAS NO ACCUMULATED PRO/IT HAS NOT BEEN CONTROVERTED BEFORE US. WE AGREE WITH CIT(A) THAT CURRENT YEAR PROFIT H AS TO BE EXCLUDED. THEREFORE, THERE IS NO CASE FOR ANY ADDIT ION UNDER SECTION 2(22)(E) . WE, THEREFORE, DISMISS THE APPEA L OF THE REVENUE AND ALLOW THE APPEAL FILED BY THE ASSESSEE. 7. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED AND THAT BY THE REVENUE IS DISMISSED ', (B) IN THE CASE OF ACIT VS. PRATIBHA INDUSTRIES LT D ITA NO. 2197 TO 2199/ MUM/2008 ORDER DATED 19.12.2012 THE HON'BLE IT AT MUMBAI BENCH 'C' MUMBAI HELD AS UNDER- PARA 50 .. WE FIND THERE IS COMPLETE DISHARMONY IN THE CIRC UMSTANCES, BECAUSE, THE ACT ALLOWS SIX ASSESSMENTS YEARS TO BE OPEN VIDE SECTION 153A FOR BEING ASSESSED OR REASSESSED TO AS CERTAIN TOTAL INCOME, THEREFORE, THE AO IS BOUND TO PASS AN ORDER UNDER SECTION 153A READ WITH 143(3) , WHICH, ACCORDING TH E ANIL KUMAR BHATIA (SUPRA), 'SUCH DETERMINATION , IN THE ORDERS PASSED UNDER SECTION 153A WOULD BE SIMILAR TO THE O RDERS -: 143: - 1 43 PASSED IN ANY REASSESSMENT, WHERE THE TOTAL INCOME DETERMINED IN THE ORIGINAL ASSESSMENT ORDER AND THE INCOME THAT ESCAPED ASSESSMENT ARE CLUBBED TOGETHER AND AS SESSED AS THE TOTAL INCOME '. THEREFORE , THE A 0. ACCORDI NGLY HAS TO STOP SHORT IN THESE PROCEEDINGS AND RESTRICT HIMSEL F TO THE INCOME ALREADY DETERMINED /ASSESSED IN THE ALREADY CONCLUDED PROCEEDINGS FOR THE YEAR (S), WHETHER UND ER SECTION 143(1) OR 143(3). THUS IT IS A CASE OF VALID NOTICE UNDER SECTION 153A, 'WITH NO UNDISCLOSED INCOME TO BE CLUBBED WIT H INCOME ORIGINALLY ASSESSED AND FINALIZED. HOWEVER, IT HAS TO BE ADDED HERE THAT PROCEEDINGS UNDER SECTION 153A ARE LINKED TO THE SEARCH HAVING BEEN INITIATED ON THE PERSON, NOT WIT H THE DOCUMENTS FOUND AND SEIZED. THE DOCUMENTS SO FOUND AND SEIZED, MAY BECOME USEFUL TO THE AO FOR MAKING AN ASSESSMENT OF TOTAL INCOME UNDER SECTION 153A READ WITH 143(3). (C) IN THE CASE OF SHREE YAMUNA PROTEINS DAHOD VS. AC1T CC-L. BARODA ITA NO. 227 TO 232/AHD/2010 ORDER DATE D 21.09.2012 THE HON.BLE ITAT AHMEDABAD BENCH HELD AS UNDER:- -: 144: - 144 PARA 6 WE HAVE CONSIDERED THE RIVAL SUBMISSIONS, PERUSED THE MATERIAL ON RECORD AND HAVE GONE THROUGH THE ORDERS OF AUTHORITIES BELOW. WE HAVE ALREADY NOTED THAT THE A SSESSMENT FOR THE ASSESSMENT YEARS 200102 TO 200-1-05 HAVE NO T ABATED BECAUSE THE ASSESSMENT PROCEEDINGS WERE NOT PENDING FOR THESE FOUR YEARS ON THE DATE OF SEARCH I.E. 19.09.2006. B UT THE ASSESSMENT FOR THE REMAINING TWO YEARS I.E. ASSESSM ENT YEARS 2005-06 AND 2006-07 HAVE ABATED. IN OUR CONSIDERED OPINION, FOR THE PURPOSE OF ASSESSING THE INCOME FOR EARLIER FOUR YEARS I. E. ASSESSMENT YEARS 2001-02 TO 2004-05, THE ASSESSE E CANNOT BE ALLOWED TO RAISE A NEW CLAIM REGARDING DEPRECIAT ION CLAIMED AND ALLOWED AT A LESSER AMOUNT IN THE RETURN FILED BY IT U/S 139(1) BECAUSE IN THOSE CASES, WHERE THE ASSESSMENT S HAVE NOT ABATED, THE ONLY CHANGE WHICH CAN BE MADE IN THE AS SESSMENT U/S 153A OVER AND ABOVE THE ASSESSMENT ALREADY COMP LETED, IS TO BE ON THE BASIS OF THE MATERIAL FOUND IN THE COU RSE OF SEARCH. BUT IN THE CASE OF THOSE YEARS WHERE THE ASSESSMENT S HAVE BEEN ABATED, THE ASSESSMENT HAS TO BE MADE INCLUDIN G THE ORIGINAL AS WELL AS REASSESSMENT ON THE BASIS OF MA TERIAL FOUND -: 145: - 145 IN THE COURSE OF SEARCH. THIS VIEW OF US FINDS SUPP ORT FROM THE DECISION OF SPECIAL BENCH OF THE TRIBUNAL RENDERED IN THE CASE OF AIRWIDE EXPRESS CARGO VS.ITO IN I . T.A. NO. 721/HAD/2008 ORDER DATED 21.10.2011. (D) ACLT CENT. CIRCLE -40 VS. SAFYEAST C. PVT LTD. . ITA NO. 4230/MUM/2011 PARA 6 WE OBSERVE THAT AO HAS MADE AD HOC DISALLOWANCE WHI LE COMPLETING ASSESSMENT U/S 1-/3(3) R.W.S.153A OF THE ACT. WHICH ARE NOT BASED ON ANY OF THE SEIZED MATERIAL FOUND D URING THE COURSE OF SEARCH. WE ARE OF THE CONSIDERED VIEW THA T WHILE MAKING HE ASSESSMENT PURSUANT TO SEARCH TAKEN PLACE AND THAT TOO IN A CASE WHERE ORIGINAL RETURN HAD ALREADY BEE N ACCEPTED U/S 1-13(1) OF THE ACT BEFORE THE SEARCH FWD TAKEN PLACE, AD HOC DISALLOWANCE MADE BY AO IS NOT JUSTIFIED. SIMILAR Q UESTION WAS ALSO CONSIDERED IN THE BLOCK ASSESSMENT BY HON'BLE CALCUTTA HIGH COURT IN THE CASE OF COMMISSIONER OF INCOME TA X VS. ASHIM KRISHNA MONDAL 270 ITR 160 (CAL), WHEREIN, IT WAS HELD THAT NO ADDITION CAN BE MADE IN THE BLOCK ASSESSMEN T BASED ON ESTIMATE. IN VIEW OF ABOVE FACTS THAT THE AD HOC DI SALLOWANCE IS -: 146: - 146 NOT BASED ON ANY MATERIAL FOUND DURING THE COURSE O F SEARCH THAT THE CLAIM OF THE ASSESSEE IS NOT GENUINE, WE H OLD THE ORDER OF LD CIT(A) TO DELETE THE AD HOC DISALLOWANCE MADE BY AO DOES NOT CALL FOR ANY INTERFERENCE. (E) ACIT KOLKATA VS. HIINDUSTAN STORAGE & DISTRIBUT ION CO. LTD.' IN IT (SS) A NO. 135/KO1/20 11 ORDER DATED 04 .08.2012 PARA 3 IN VIEW OF THE ABOVE DISCUSSION AND ALSO BEARING IN MIND THE BINDING NATURE OF SPECIAL BENCH DECISION IN THE CAS E OF ALL CARGO LOGISTICS LTD. 'SUPRA), WE CONFIRM THE STAND OF THE COMMISSIONER (APPEALS), WHEREIN IT HAS BEEN HELD TH AT WHERE INCRIMINATING MATERIAL FOUND IN THE COURSE OF SEARC H PROCEEDINGS RELATING TO ANY ASSESSMENT YEAR, THE CO MPLETED ASSESSMENT FOR SUCH YEARS CANNOT BE DISTURBED. THE STAND SO TAKEN BY THE COMMISSIONER IS CONSISTENT WITH THE ST AND TAKEN BY THE SPECIAL BENCH, MUMBAI OF THIS TRIBUNAL. WHIC H HAS BEEN POINTED ALIT EARLIER, IS A BINDING JUDICIAL PRECEDE NCE FOR US. ACCORDINGLY , GRIEVANCES OF THE ASSESSING OFFICER A RE REJECTED. (F) SHRI SHANKAR R.JHUNJHUNWALA VS. ACIT AURANGABAD, IT NO. 225/PN/11 ORDER DATED 31.07.2012 -: 147: - 147 PARA 8 EVEN VIEWED IN THE AFORESAID CONTEXT, WE FIND THAT THE CLAIM OF THE ASSESSEE IS UNTENABLE. IN THIS CASE. AS THE COM MISSIONER OF INCOME TAX (APPEALS) HAS OBSERVED. THE INCOME RETUR NED BY THE ASSESSEE UNDER SECTION139(1) OF THE ACT HAS ACHIEVE D FINALITY. EVEN BEFORE US , THE ASSESSEE HAS NOT ASSERTED THAT ON THE DATE OF SEARCH THE ASSESSMENT FOR THE INSTANT YEAR WAS P ENDING SO AS TO ABATE. THEREFORE, IN THIS CASE WHERE INCOME R ETURNED UNDER SECTION 139( 1) HAS BECOME FINAL, IN TERMS OF THE DECISION IF THE SPECIAL BENCH IN THE CASE OF ALL CARGO GLOBA L LOGISTICS LTD (SUPRA) THE ASSESSMENT UNDER SECTION 153A IS TO BE MADE ONLY ON THE BASIS OF 'INCRIMINATING MATERIAL' WHICH HAS BEEN EXPLAINED TO MEAN (I) BOOKS OF ACCOUNT , OTHER DOCU MENTS, FOUND IN THE COURSE OF SEARCH BUT NOT PRODUCED IN THE COU RSE OF ORIGINAL ASSESSMENT AND (II) UNDISCLOSED INCOME OR PROPERTY DISCOVERED IN THE COURSE OF SEARCH , THEREFORE, IN OUR VIEW, FOR THE AFORESAID REASON THE CLAIM OF THE ASSESSEE IN Q UESTION HAS BEEN RIGHTLY NEGATED BV THE LOWER AUTHORITIES. (G) HIREN N PATEL VS. ACIT . MUMBAI ITA NO. 39/40/41/MUM/2010 ORDER DATED 12.10.2012 -: 148: - 148 PARA 2.3 IN THE CASE, OF THE ASSESSEE NO ASSESSMENT UNDER SE CTION 143(3) HAD BEEN MADE FOR ASSESSMENT YEAR 2002-03 AND TIME PERIOD FOR ISSUE OF NOTICE UNDER SECTION 143(2) HAD EXPIRE D ON 31JJ3.2006 I.E. BEFORE DATE OF SEARCH AND TIME LIMI T FOR ISSUE OF INTIMATION HAD ALSO EXPIRED ON THAT DATE. THEREFORE , ASSESSMENT IN ASSESSMENT YEAR 2002-03 HAD ATTAINED FINALITY AN D, THERE WAS NO QUESTION OF ABATEMENT OF ANY PROCEEDINGS. TH EREFORE, IN VIEW OF THE DECISION OF SPECIAL BENCH (SUPRA), IN A SSESSMENT YEAR 2004-05, ADDITION CAN BE MADE ONLY ON THE BAS IS OF INCRIMINATING MATERIAL FOUND IN THE COURSE OF SEARC H. IN THIS CASE THE DISALLOWANCE OF INTEREST ).VAS NOT BASED ON SEI ZED MATERIAL AND THEREFORE, AO HAD NO JURISDICTION TO MAKE IN AS SESSMENT UNDER SECTION 153(3) OF THE ACT. THE SAME VIEW HAS BEEN TAKEN BY THE TRIBUNAL IN CASE OF BROTHER OF THE ASSESSEE SHRI ATITHI N.PATEL IN WHICH ON IDENTICAL FACTS THE TRIBUNAL HA S DELETED ADDITION MADE BY ASSESSING OFFICER NO DISTINGUISHIN G FEATURES HAVE BEEN BROUGHT TO OUR NOTICE BY THE LD. DEPARTME NTAL REPRESENTATIVE. THEREFORE, FOLLOWING THE SAID DECIS ION NO ADDITION CAN BE MADE IN CASE OF ASSESSEE IN ASSESSM ENT YEAR -: 149: - 149 200-/.-05. WE, THEREFORE, SET ASIDE THE ORDER OF CI T(A) AND DELETE THE ADDITION MADE BY AO IN ASSESSMENT YEAR 2004-05. (H) ATITHI N. PATEL VS. ACIT CEN.CIR -10 MUMBAI IT A NO. 43/MUM/2010 ORDER DATED 22.08.2012 PARA 3 SO FAR AS THE STATUS OF THE RETURN AND ASSESSMENT I S CONCERNED UPTO THE DATE OF SEARCH I.E. 04.10.2006 FOR THE VAR IOUS ASSESSMENT YEARS. THE SAME ARE GIVEN HEREUNDER:- A.Y. DATE OF ORIGINAL RETURN FILED DATE OF INTIMATION/AS SESSMENT DATE UPTO WHICH NOTICE U/S 143 COULD BE ISSUED REMARK 2004-05 30.03.2005 31.03.2006 31.03.2006 NO NOTICE U/S 143(2) WAS ISSUED, THEREFORE, THE ASSESSMENT HAS ATTAINED FINALITY BEFORE THE DATE OF SEARCH I.E. 04.10.06. 2005-06 17.04.2006 31.03.2008 30.04.2007 THE TIME L IMIT FOR ISSUANCE OF NOTICE U/S 143(2) HAS NOT BEEN EXPIRED. THEREFORE, THE ASSESSMENT WAS STILL OPEN AND IN VIEW OF THE PROVISIONS OF SECTION 153A SUCH ASSESSMENT GETS ABATED. 2006-07 31.03.2007 31.1.2008 31.01.2008 THE TIME L IMIT FOR ISSUANCE OF NOTICE U/S 143(2) HAS NOT BEEN EXPIRED THEREFORE THE ASSESSMENT WAS STILL OPEN AND IN VIEW OF THE PROVISIONS OF SECTION 153A SUCH ASSESSMENT GETS ABATED. -: 150: - 150 UNDER SECTION 153A THE ASSESSING OFFICER IS EMPOWER ED TO ASSESSEE OR REASSESS THE 'TOTAL INCOME FOR SIX ASS ESSMENT YEARS. PRECEDING TO THE YEAR OF ASSESSMENT IN WHICH SEARCH HAS TAKEN PLACE. THERE CAN BE ONLY ONE ASSESSMENT ORDER IN RESPECT OF SIX ASSESSMENT YEARS. IF THE ASSESSMENT PROCEEDI NGS ARE PENDING COMPLETION. ON THE DATE OF SEARCH IS INITIA TED, THEY WILL GET ABATED AND THE ASSESSING OFFICER HAS TO COMPLET E THE ASSESSMENT ON THE TOTAL INCOME INCLUDING DISCLOSED AND UNDISCLOSED INCOME. IF THE ASSESSMENT PROCEEDINGS H AVE ALREADY COMPLETED OR ATTAINED FINALITY. THEN THERE IS NO QUESTION OF ANY ABATEMENT SINCE NO PROCEEDINGS ARE PENDING. THUS, SO FAR AS THE ASSESSMENT YEAR 2004-05 IS CONC ERNED, NO ASSESSMENT PROCEEDINGS WAS PENDING AND IT HAD ATTAI NED FINALITY PRIOR TO THE DATE OF SEARCH AND , THEREFOR E, SUCH AN ASSESSMENT WILL NOT GET ABATE IN VIEW OF THE PROVIS IONS OF SECTION 153A. (I ) RECENTLY THE HON'BLE INDORE BENCH, INDORE FOLLOWING THE ABOVE DECISIONS IN THE CASE OF ARUN SEHLOT , BHOPAL IT(SS ) A.NOS. 186 TO 192/IND/2012 ORDER DATED 30.04.2013 HELD AS UNDE R:- -: 151: - 151 PAGE 61 PARA 28 WE HAVE CONSIDERED THE RIVAL SUBMISSION AND FOUND FROM RECORD THAT ASSESSMENT FOR ASSESSMENT YEAR 2003-04 AND 2004-05 WAS COMPLETED U/S 143(3) . IN RESPECT OF AS SESSMENT YEAR 2005-06, FOR WHICH THE RETURN WAS FILED ON 31. 3.2006. THE SAME WAS PROCESSED U/S 143(3), THE DUE DATE OF NOTI CE U/S 143 (2) WAS EXPIRED ON 31.03.2007. SIMILARLY FOR ASSESS MENT YEAR 2006-07, THE RETURN WAS FILED ON 24.01.2007. THE SA ME WAS PROCESSED U/S 143(1) AND THE TIME LIMIT FOR ISSUANC E OF NOTICE U/S 143(2) EXPIRED ON 31.01.2008. IN THIS CASE, SEA RCH WAS CONDUCTED ON 30.05.2008. THUS, FOR THE ASSESSMENT Y EAR 2003- 04 TO 2006-07, IT CAN BE SAID THAT NO ASSESSMENTS W ERE PENDING, APPLYING THE PROPOSITION OF LAW DISCUSSED HEREINABOVE. HOWEVER, WITH RESPECT TO NO INCRIMINATING MATERIAL FOUND DURING COURSE OF SEARCH, THE OBSERVATION OF THE ASSESSING OFFICER WAS AS UNDER;- .. IT WAS FOUND DURING THE COURSE OF ASSESSMENT PRO CEEDINGS THE ASSESSEE HAS RECEIVED LOANS AND ADVANCES OF VAR IOUS AMOUNTS FROM THREE PRIVATE LIMITED COMPANIES EITHER IN HIS INDIVIDUAL CAPACITY OR AS PROPRIETOR OF HIS FIRMS R AJ INDUSTRIES -: 152: - 152 AND ARUN SAHLOT & ASSOCIATES. FURTHER IT WAS NOTICE D THAT RAJ HOMES PRIVATE LIMITED (RHPL) HAS BEEN GIVING LOANS TO VARIOUS COMPANIES. IT WAS FOUND THAT THE ASSESSEE ,VAS SUBS TANTIALLY INTERESTED BOTH IN THE AFFAIRS OF RHPL AND THESE OT HER COMPANIES WHICH WERE THE RECIPIENT OF SUCH LOANS. F URTHER IT WAS NOTICED THAT THESE LOANS WERE NOT FOR BUSINESS PURPOSES AS THE ASSESSEE, HIS FIRMS AND THE COMPANIES IN WHICH HE WAS SUBSTANTIALLY INTERESTED WERE ALSO HAVING BUSINESS DEALINGS WITH RHPL AND WERE ALSO OUTSTANDING IN THE COLUMN O F SUNDRY DEBTORS. HENCE, IT WAS CLEARLY SEEN THAT THESE LOAN S WERE JUST TRANSFER OF FUNDS. ' 29. IT IS CLEAR FROM THE FINDING RECORDED BY THE AS SESSING OFFICER IN HIS ASSESSMENT ORDER FAMED U/S 153A THAT THE FAC T REGARDING ASSESSEE HAVING RECEIVED LOANS AND ADVANC ES FROM THREE COMPANIES, WAS FOUND ONLY DURING THE COURSE O F ASSESSMENT PROCEEDINGS. NOWHERE THE ASSESSING OFFIC ER HAS REFERRED ANY INCRIMINATING MATERIAL FOUND DURING TH E COURSE OF SEARCH SO AS TO INDICATE THAT ADVANCE WAS GIVEN TO THE ASSESSEE IN CONTRAVENTION OF PROVISIONS OF SECTION 2(22)(E) . HOWEVER, WE FOUND THAT CIT(A) WHILE DEALING WITH TH IS ISSUE -: 153: - 153 HAVE NOTED THAT ' THE INFORMATION THAT THE ASSESSEE HAS NOT PAID TAX ON DEEMED DIVIDEND TAXABLE U/S 2(22)(E) CA ME TO THE KNOWLEDGE OF THE AUTHORIZED OFFICER DURING THE COUR SE OF SEARCH '. 30. IT IS CLEAR FROM THE ABOVE THAT CONTRADICTORY F INDING HAS BEEN RECORDED BY THE CIT(A) WITH RESPECT TO INFORMATION THAT ASSESSEE HAS NOT PAID TAX ON DEEMED DIVIDEND TAXABLE U/S 2(2 2) (E) CAME TO THE KNOWLEDGE OF AUTHORIZED OFFICE DURING THE CO URSE OF SEARCH. HOWEVER, THE CIT(A) HAS NOT REFERRED TO ANY INCRIMINATING MATERIAL INDICATING CONTRAVENTION OF PROVISIONS OF SECTION 2(22){E) AS FOUND DURING THE COURSE OF SEAR CH. EVEN DURING THE COURSE OF HEARING BEFORE US, THE LD. CIT DR DID NOT REFER TO ANY INCRIMINATING MATERIAL FOUND DURING TH E COURSE OF SEARCH TO SUBSTANTIATE THE OBSERVATION OF CIT(A) . ON THE OTHER HAND, THE LD. AUTHORIZED REPRESENTATIVE HAS VEHEMEN TLY ARGUED THAT AS PER THE FINDING RECORDED BY THE ASSE SSING OFFICER IN THE ASSESSMENT ORDER U/S 153A, THE FACT THAT ADV ANCES HAVING NOT BEEN MADE FOR BUSINESS PURPOSES BY THE A LLEGED COMPANY TO THE ASSESSEE CAME TO THE NOTICE OF DEPAR TMENT ONLY DURING THE ASSESSMENT AND NOT DURING COURSE OF SEAR CH. -: 154: - 154 31. IN VIEW OF THE ABOVE CONTRADICTION IN THE FIND INGS RECORDED BY THE ASSESSING OFFICER AND CIT(A), THE ADDITIONS MADE U/S 2(22)(E) IN THE ASSESSMENT YEARS 2003-0~ TO 2006-07 ARE RESTORED BACK TO THE FILE OF ASSESSING OFFICER FOR DECIDING AFRESH THIS LEGAL ISSUE AFTER GIVING CLEAR FINDING WITH RE GARD TO INCRIMINATING DOCUMENTS, IF ANY, FOUND DURING THE C OURSE OF SEARCH INDICATING CONTRAVENTION OF PROVISION OF SEC TION 2(22)(E) OF THE ACT. THE ASSESSING OFFICER IS DIRECTED TO DECID E THE LEGAL ISSUE TAKING INTO CONSIDERING THE DECISION OF SPECI AL BENCH AND THE DECISION IN THE CASE OF GURINDER SINGH BABA (SU PRA) AS DISCUSSED ABOVE. WE DIRECT ACCORDINGLY. IN THE INSTANT CASE FROM THE ASSESSMENT ORDER AND T HE ORDER OF THE LD. CIT(A) ITSELF IT IS CLEAR THAT NO INCRIMINA TING DOCUMENT RELATING TO THE CLAIM OF PROFIT OF CLIENT IN PRO AC COUNT AND SHARE CAPITAL WAS FOUND AND SEIZED AND THE TIME LIMIT FOR ISSUANCE OF NOTICE U/S 143(2) FOR THE ASSESSMENT YEARS 2003-04 & 2006-07 WAS EXPIRED AND FOR THE ASSESSMENT YEAR 2005-06 WAS COMPLETED U/S 143(3). THUS THE ASSESSMENT FOR THESE YEARS WERE FINALIZED AND AS SUCH NO ASSESSMENT WAS PENDIN G BEFORE THE ASSESSING OFFICER FOR THESE YEARS AT THE TIME O F INITIATION OF -: 155: - 155 SEARCH CONSEQUENT THERETO ADDITIONS MADE BY THE LD. A.O. FOR THESE ASSESSMENT YEARS LIABLE TO DELETED ONLY ON TH IS SCORE. GROUND NO.3 FOR THE ASSESSMENT YEAR 2004-05 & GROUN D NO.4 OF THE ASSESSMENT YEAR 2005-06 : THESE GROUNDS RELATES TO THE ADDITION ON ACCOUNT OF SHARE CAPITAL OF RS. 35.00,000/- AND RS. 10,00,000/- RECE IVED DURING THE A.Y.2004-05 & 2005-06 RESPECTIVELY. ON THE ABOVE GROUND OUR HUMBLE SUBMISSION BEFORE YO UR HONOUR'S ARE AS UNDER:- ( I ) THAT DURING THE ASSESSMENT YEAR IN QUESTION APPELLANT COMPANY RECEIVED SHARE CAPITAL ONLY FROM ONE COMPANY NAMELY AGRAWAL ROAD CARRIERS LIMITED. TO PROVE THE GENUINENESS OF THE S AID SHARE CAPITAL ASSESSEE FILED AMPLE DOCUMENT BEFORE THE LD.A.O. AND CIT(A) VIZ :- (I) COPIES OF SHARE APPLICATION IN THE PRESCRIBED F ORM DULY SIGNED GIVING COMPLETE POSTAL ADDRESS AND INCOME TA X PAN OF THE APPLICANT. COMPILATION VOLUME 12 PAGE 31 62 TO 3170 . (II) COPIES OF BOARD RESOLUTION DULY SIGNED PASSED BY THE BOARD -: 156: - 156 OF DIRECTORS OF AGRAWAL ROAD CARRIERS LTD. COMPILAT ION VOLUME 12 PAGE NO. 3 171 TO 3 I 79. (III) COPY OF LETTERS ISSUED BY THE SHARE APPLICAN T GIVING COMPLETE DETAILS OF PAYMENT MADE ON ACCOUNT OF SHAR E APPLICATION. COMPILATION VOLUME 12 PAGE NO. 3180 TO 3188. (IV) COPY OF CERTIFICATE OF INCORPORATION IS ALSO SUBMIT TED TO THE ASSESSING OFFICER DURING THE ASSESSMENT PROCEEDINGS . COMPILATION VOLUME 12 PAGE NO. 3212. (V) COPY OF MEMORANDUM OF ASSOCIATION AND ARTICLE OF ASSOCIATION OF THE APPLICANT COMPANY. COMPILATION VOLUME 12 PAGE NO. 3189 TO 3211 (VI) COPY OF ACKNOWLEDGMENT IN RESPECT OF INCOME TA X RETURN FILED BY MIS AGRAWAL ROAO CARRIER LTD FOR THE ASSESSMENT YEAR 2004-05 & 2005-06. COMPILATION VOLUME 12 PAGE NO. 3214 & 3215. (VII) COPY OF AUDITED BALANCE SHEET OF MIS AGRAWAL ROAO CARRIER LTD FOR THE YEAR ENDED 31.03.2004 & 31.03.2005. COMPILATION VOLUME 12 PAGE NO. 3216 TO 3254. -: 157: - 157 (VIII) XEROX COPY OR PAN CARD. COMPILATION VOLUME 12 PAGE NO.3213 (2) THUS IN THE PRESENT CASE APPELLANT FILED SUFFI CIENT EVIDENCE TO JUSTIFY THE IDENTITY OF THE SHARE HOLDER AND GEN UINENESS OF THE TRANSACTIONS. THAT, FOR ANY REASON THE ASSES SING OFFICER IS NOT SATISFIED WITH THE SOURCE OF AMOUNT INVESTED BY THE SHARE-HOLDER IN THAT CASE, NECESSARY ADDITIO N IF ANY BE MADE IT SHOULD BE IN THE CASE OF THE SHARE-HOLDE R BUT IN NO CASE ANY ADDITION BE JUSTIFIED IN THE CASE OF TH E ASSESSEE COMPANY. (3) THAT WE HAVE PROVED THE IDENTITY AND GENUINENESS OF THE SHARE HOLDER REGARDING SHARE CAPITAL RECEIVED. THE AMOUNT OF SHARE CAPITAL WERE RECEIVED THROUGH ACCOUNT PAYE E CHEQUES AND COMPLETE DETAILS AS TO JUSTIFY THE AMOU NT OF SHARE CAPITAL RECEIVED WERE FILED BEFORE THE LD.A.O . ONCE, ASSESSEE HAS PROVE THE GENUINENESS AND IDENTITY OF THE SHARE HOLDER. IN THAT CASE IF THE ASSESSING OFFICER HAS ANY DOUBT ABOUT THE SOURCE OF SHARE CAPITAL IN THAT CAS E THE ASSESSING OFFICER IS FREE TO TAKE ACTION AGAINST TH E PERSONS WHO HAVE CONTRIBUTED THE SAME BUT IN NO CASE THE SA ME IS -: 158: - 158 TO BE ADDED TO THE INCOME OF COMPANY. (4) THAT THE COMPANY DISCHARGED ONUS LYING ON IT BY PRO VING THE IDENTITY OF THE SHARE HOLDER. THE AMOUNT OF SHA RE APPLICATION MONEY COULD NOT BE REGARDING AS UNDISCL OSED INCOME U/S 68. IN THE CASE OF SHARE CAPITAL THE A.O. IS ENTITLED TO INQUIRE WHETHER THE ALLEGED SHARE HOLDE R DO, IN FACT, EXIST OR NOT. IF THE SHARE HOLDER EXIST, THAN POSSIBLY, NO FURTHER ENQUIRY NEED BE MADE. BUT IF THE A.O. FI ND THAT ALLEGED SHARE HOLDERS DO NOT EXIST. THEN IN AFFECT. IT WOULD MEAN THAT THERE IS NO VALID ISSUANCE OF SHARE CAPIT AL. SHARE CANNOT BE ISSUED IN THE NAME OF NON EXISTING PERSONS. (5) IT IS SUBMITTED THAT THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF UNEXPLAINED SHARE APPLICATION MONEY CANNOT BE SUSTAINED FOR THE FOLLOWING REASONS:- (I) THE APPLICANT COMPANY WAS IDENTIFIED. (II) THE APPLICANTS CONFIRMED THE PAYMENT OF MONEY TO THE APPELLANT FOR PURCHASE OF SHARES. (III) THE TRANSACTIONS IN QUESTION WERE BY CH EQUES. (IV) THAT THE SUBSCRIBERS COMPANY WAS DULY INCORPOR ATED -: 159: - 159 WITH THE REGISTRAR OF COMPANIES. (V) THE SHARES HAVE BEEN ALLOTTED TO THE SHAREHOLD ERS AND LETTER OF ALLOTMENT HAVE BEEN SUBMITTED TO THE REGI STRAR OF COMPANIES AND SO ALSO IN ANNUAL RETURN OF THE COMPANY. FROM THE ABOVE IT IS CLEAR THAT THE ASSESSEE DISCHA RGED THE ONUS CAST UPON HIM AND DEPARTMENT HAS NOT MADE ANY EFFORT TO PROVE THE CONTRARY, THUS IT IS PRAYED THAT ADDITION MADE BE DELETED IN VIEW OF THE FOLLOWING DECISIONS :- (A) LOVELY EXPORT 319 ITR 5 (ST)(SC) (B) CIT VS. JAYDEE SECURITIES & FINANCE LTD., 350 I TR 220 (ALL.) (C) CIT VS. MISHRA PRESERVERS (P) LTD .. 350 ITR 22 2 (ALL.) (D) CIT VS. GANGESHWARI METAL PVR LTD .. 84 CCH 37 (DEL.) (E) KALYAN MEMORIAL & CHARITABLE TRUST VS. ACIT 124 TTJ (AGRA) ('I'M) 833 (F) CIT VS. ORISSA CORPORATION P.LTD, 159 ITR 78 (SC) (G) CIT VS. BARJATIYA CHILDREN TRUST 225 ITR 340 (M .P.) (H) CIT VS. MEHROTRA BROTHERS 270 ITR 157 (M.P.) (I) CIT VS. METACHEM INDUSTRIES 245 ITR 160 (M.P.) (J) ARAVAII TRADING CO .. VS. ITO (2008) 220 CTR (RAJ.) 622 -: 160: - 160 (K ) TOLINS RUBBERS VS. ACIT 270 ITR 280 (I) RAJSHREE FINSEC PRIVATE LIMITED, INDORE ITA NO. 545/IND/20 I ORDER DATED 6 TH FEBRUARY, 2012. IN VIEW OF ABOVE FACTS IT IS HUMBLY PRAYED THAT THE ADDITION MADE ON THIS ACCOUNT OF RS. 35,00,000/- AND RS. 10, 00,000/- IN THE ASSESSMENT YEAR 2004-05 & 2005-06 RESPECTIVELY BE DELETED. 13. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND FOUND FROM RECORD THAT ADDITION WAS MADE BY THE ASS ESSING OFFICER ON ACCOUNT OF SHARE CAPITAL ISSUED BY THE A SSESSEE. IN RESPECT OF SHARE CAPITAL SO RECEIVED, THE ASSESSEE HAS FILED COPIES OF SHARE APPLICANT DULY SIGNED BY THE APPLIC ANT COMPANY, GIVING COMPLETE POSTAL ADDRESS AND PAN NUM BERS OF THE APPLICANTS, COPIES OF BOARDS RESOLUTION DUL Y SIGNED BY THE SHARE APPLICANT COMPANY, DETAILS OF PAYMENT MAD E BY THE SHARE APPLICANTS TOWARDS SHARE APPLICATION MONEY, C OPY OF CERTIFICATE OF INCORPORATION OF SHARE APPLICANT AND ITS MEMORANDUM OF ARTICLES AND ASSOCIATION, COPY OF -: 161: - 161 ACKNOWLEDGEMENT IN RESPECT OF INCOME TAX RETURNS FI LED BY THE SHARE APPLICANT COMPANY BOTH FOR ASSESSMENT YEA RS 2004-05 AND 2005-06, COPY OF AUDITED BALANCE SHEET OF SHARE APPLICANT FOR THE YEAR ENDING ON 31.3.2004 AND 31.3 .2005, COPY OF PAN CARD. IT APPERS THAT THE ASSESSING OFFI CER HAS NOT MADE DETAILED INQUIRY TO FIND OUT THE IDENTITY OF SHARE APPLICANTS AND GENUINENESS OF TRANSACTION. IT WAS A RGUED BY THE LD. AUTHORIZED REPRESENTATIVE THAT APPLICANT C OMPANY WAS DULY IDENTIFIED AND THEY HAVE CONFIRMED PAYMENT OF MONEY TO THE ASSESSEE FOR PURCHASE OF SHARES. THE P AYMENTS WERE MADE BY THE ACCOUNT PAYEE CHEUQES AND THE SUBSCRIBERS COMPANY WAS DULY INCORPORATED BY REGIST RAR OF COMPANIES. SHARES HAVE BEEN ALLOTTED TO THE SHARE H OLDERS AND LETTERS OF ALLOTMENT HAVE BEEN SUBMITTED TO THE REGISTRAR OF COMPANIES AND SO ALSO IN THE ANNUAL RETURN OF TH E COMPANY. AS PER LD. AUTHORIZED REPRESENTATIVE, ONCE THE ASSESSEE IS ABLE TO DISCHARGE THE ONUS WITH REGARD TO IDENTITY OF THE SHARE APPLICANT, IN VIEW OF THE DECISION OF HON'BLE SUPREME COURT IN THE CASE OF LOVELY EXPORTS, 319 IT R 5, NO ADDITION SHOULD BE MADE IN THE HANDS OF THE ASSESSE E -: 162: - 162 COMPANY, HOWEVER, THE ASSESSING OFFICER IS AT LIBER TY TO MAKE ADDITION IN THE HANDS OF THE SHARE APPLICANTS IF SU CH SHARES APPLICANTS ARE NOT FOUND WITH THE SUFFICIENT FUNDS FOR THE INVESTMENT IN SHARES. IT WAS ALSO ARGUED BY THE LD. AUTHORIZED REPRESENTATIVE THAT NO INCRIMINATING DO CUMENTS RELATING TO SHARE CAPITAL SO RECEIVED WAS FOUND DUR ING SEARCH SO AS TO MAKE ADDITION WHILE FRAMING ASSESSMENT U/S 153A. 14. IN VIEW OF THE DISCUSSION MADE HEREINABOVE, TH E LEGAL ISSUE FOR MAKING ADDITION ON ACCOUNT OF SHARE CAPITAL U/S 153A WITHOUT FINDING AND REFERRING THE INCRIMIN ATING MATERIAL FOUND DURING SEARCH, IS RESTORED BACK TO T HE FILE OF ASSESSING OFFICER WITH SIMILAR DIDRECTION AS CONTAI NED HEREINABOVE. AS ALREADY STATED, THE ASSESSING OFFIC ER HAS NOT MADE PROPER INQUIRY AND HAS REACHED TO THE CONCLUSI ON WITHOUT CONSIDERING THE DOCUMENTARY EVIDENCES FILED BY THE ASSESSEE, THE MATTER IS RESTORED TO THE FILE OF ASS ESSING OFFICER FOR MAKING PROPER INQUIRY AND DECIDING THE ISSUE AF RESH AS PER LAW. -: 163: - 163 15. IN THE RESULT, APPEALS ARE ALLOWED IN PART FOR STATISTICAL PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 23 RD AUGUST, 2013. SD/- SD/- (JOGINDER SINGH) (R. C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 23 RD AUGUST, 2013. CPU* 1.5.8 -: 164: - 164