The ITO, 2(1), Indore V. Shri Bhanuraj Singh Ranawat, Indore

ITA 331/IND/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 1530 (ITAT-INDORE)
• Duration Of Justice: 7 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-01-2013
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2003-2004
• Appeal Filed On: 05-06-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MRIDULA BAJPAI
• Assessee Lawyers: IN PERSON
• Keywords: Accommodation entries
• Section: 68; 148

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. : ALLPR7312J I.T.A.NO. 331/IND/2012 A.Y. : 2003 - 04 INCOME - TAX OFFICER, 2(1), SHRI BHANURAJ SINGH RANAWAT, INDORE. VS INDORE APPELLANT RESPONDENT APPELLANT BY : SMT.MRIDULA BAJPAI, CIT DR RESPONDENT BY : ASSESSEE IN PERSON. DATE OF HEARING : 15. 01 .201 3 DATE OF PRONOUNCEMENT : 24 . 01 .201 3 O R D E R PER R. C. SHARMA, A.M. THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER PASSED BY THE CIT(A) DATED 30 TH MARCH, 2012, FOR THE ASSESSMENT YEAR 2003-04, IN THE MATTER OF ORDER PASSED BY THE ASSESSING OFFICER U/S 143(3)/148. 2. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORDS -: 2: - 2 PERUSED. THE FACTS OF THE CASE ARE THAT ON THE BASIS OF HUGE CASH DEPOSIT (OVER RS 1 CRORE) IN THE BANK ACCOUNT OF THE ASSESSEE, A NOTICE U/S 148 WAS ISSUED. IN COMPLIANCE THEREOF THE ASSESSEE FILED HIS RETURN SHOWING HIS TOTAL INCOME OF RS 25,000/-. AS REGARDS TO THE HUGE CASH DEPOSIT, ASSESSEE FILED AN AFFIDAVIT, EXPLAINING THEREWITH AS TO HOW THE SAID BANK ACCOUNT WAS MISUSED BY HIS CHILDHOOD FRIEND SHRI ABHISEK KHARE. THE AO HAD NOTED THE TRANSFER OF FUNDS FROM THAT ACCOUNT TO THE BANK ACCOUNT OF HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES & STOCK LTD, WHICH WERE FOUND AS ENTRY PROVIDERS IN THE FORM OF SHARE CAPITAL/ UNSECURED LOAN TO A LARGE NUMBER OF PERSONS. IN THE FACTS OF THE CASE, THE AO WAS NOT SATISFIED WITH THE EXPLANATION GIVEN BY ASSESSEE. ACCORDINGLY THE ADDITION OF RS 1,11,18,000/ - WAS MADE U/S 68 TO THE TOTAL INCOME OF THE ASSESSEE. -: 3: - 3 2. BY THE IMPUGNED ORDER, THE LD. CIT(A) DELETED THE ADDITION AFTER HAVING THE FOLLOWING OBSERVATIONS : 4.1.1 DURING THE APPEAL PROCEEDINGS, THE DETAILED SUBMISSIONS HAVE BEEN MADE WHICH FINDS PLACE IN PARA 3 ABOVE. IT IS NOTED THAT PLEA RAISED BY THE ASSESSEE IS MORE OR LESS SAME AS TAKEN BEFORE THE AO. THE ISSUE OF ACCOMMODATION ENTRIES GIVEN BY THE COMPANIES SUCH AS HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES & STOCK LTD HAD COME UP IN SEVERAL CASES BEFORE THE ASSESSING OFFICERS OF INDORE REGION. IN THE CONTEXT, SOME OF THE APPEALS HAVE BEEN DECIDED BY ME WHEREIN I HAVE HELD THAT THESE COMPANIES HAVE PROVIDED ACCOMMODATION ENTRIES TO VARIOUS PERSONS/BENEFICIARIES IN -: 4: - 4 THE GARB OF SHARE CAPITAL/UNSECURED LOAN. ACCORDINGLY I HAVE CONFIRMED THE ADDITIONS IN THE HANDS OF BENEFICIARIES WHO HAD RECEIVED SHARE CAPITAL LOAN FROM SUCH ENTRY GIVER COMPANIES. ONE SUCH CASE HAS BEEN OF AM PRAKASH SURI - APPEAL NO. IT-557/07-08, WHERE DETAILED INQUIRIES WERE MADE BY ME. IN THAT CASE, LOAN WAS SHOWN TO HAVE RECEIVED FROM HINDUSTAN CONTINENTAL LTD. I HAD COLLECTED THE BANK STATEMENT OF HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES & STOCK LTD AND FOUND THEM GIVING ACCOMMODATION ENTRIES TO A LARGE NUMBER OF PERSONS. FOR THIS PURPOSE THE BANK ACCOUNTS IN THE -: 5: - 5 NAME OF M/S YASH ASSOCIATES, M/S. G R INVESTMENTS, PATH PRADARSHAK FINVEST P. LTD, MS RIBEKA GARG & BHANURAJ SINGH RANAWAT WERE USED FOR DEPOSITING CASH AND THEN FUNDS WERE TRANSFERRED TO ANY OF THE ACCOUNTS OF HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES & STOCK LTD FOR THE PURPOSE OF ISSUING CHEQUES TO THE VARIOUS PERSONS IN THE GARB OF SHARE CAPITAL OF UNSECURED LOANS. ON CERTAIN OCCASION, THERE IS INTER-TRANSFER OF THE FUNDS AMONGST THE SAID THREE COMPANIES. THEN THE CHEQUES WERE ISSUED TO THE DESIRING PARTIES IN THE GARB OF LOAN OR SHARE CAPITAL. NOT ONLY THAT, THE SHARES OF HINDUSTAN CONTINENTAL LTD WERE TRADED BY -: 6: - 6 SUNIL SHARES AND STOCK LTD., JAI SHARE FIN LTD AND OTHERS THROUGH MANIPULATION GIVING RISE TO ARTIFICIAL HIKE SO AS TO ENABLE CERTAIN PARTIES TO RE-INTRODUCE THEIR BLACK MONEY AS HUGE CAPITAL GAIN. IN THEIR CASES ALSO, THE CASH WAS DEPOSITED FIRST IN CERTAIN ACCOUNTS AND THEREAFTER THE FUNDS WERE TRANSFERRED TO THE SHARE BROKERS INVOLVED IN THE MANIPULATION AND THEN ULTIMATELY TO THE ACCOUNTS OF THE PARTY CONCERNED AS SALE PROCEEDS OF THE SHARE. THE SEBI HAS EVEN PENALISED HINDUSTAN CONTINENTAL PVT. LTD., AND SUNIL SHARES AND STOCK PVT. LTD. 4.1.2 THE PERUSAL OF ALL THESE BANK STATEMENT SHOWS SYSTEMATIC -: 7: - 7 & PLANNED METHOD OF PROVIDING ACCOMMODATION ENTRIES FOR WHICH CASH COULD BE PROVIDED BY THE BENEFICIARIES ( I.E. THE PERSONS RECEIVING SHARE CAPITAL OR LOAN) ITSELF. THE MAIN PERSONS BEHIND THESE COMPANIES AND THE MODUS OPERANDI SO ADOPTED WERE SHRI VIRENDRA KUMAR JAIN, SHRI SUNIL AGRAWAL AND SHRI ABHISHEK KHARE. SHRI VIRENDRA KUMAR JAIN WAS THE AUTHORISED SIGNATORY OF HINDUSTAN CONTINENTAL LTD, SHRI SUNIL AGRAWAL HAS BEEN THE AUTHORISED SIGNATORY AND DIRECTORS OF AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES AND STOCKS PVT LTD. FROM THE BANK ACCOUNTS OF THESE THREE SAID COMPANIES (I.E. HINDUSTAN -: 8: - 8 CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES AND STOCKS PVT. LTD) AMOUNTS EXCEEDING RS.50-60 CRORES WERE PROVIDED TO DIFFERENT PERSONS IN THE GARB OF SHARE CAPITALS AND LOANS. THROUGH BANK INQUIRIES, I COULD ASCERTAIN THE NAME AND ADDRESSES OF VARIOUS PERSONS OF INDORE, BHOPAL, GWALIOR, NAGPUR, SURAT, MUMBAI, AHMEDABAD, VADODRA AND VARIOUS OTHER CITIES AND INFORMATION WAS PASSED ON TO THE CONCERNED ASSESSING OFFICERS FOR TAKING ACTION AGAINST THOSE PERSONS. THE ANALYSIS OF THE TRANSACTIONS CONTAINED IN THESE BANK STATEMENTS STRENGTHENED THE AO'S VIEW THAT HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD -: 9: - 9 CARRIERS LTD AND SUNIL SHARES AND STOCKS PVT LTD WERE MERELY PAPER CONCEMS AND WERE INVOLVED IN PROVIDING ACCOMMODATION ENTRIES. 4.1.3 THE PARTICULARS OF THESE BANK ACCOUNTS AND THE ALLIED CONCERNS (WHERE CASH WAS DEPOSITED) ARE GIVEN HEREUNDER: S. NO NAME OF THE PARTY/CONCERN ACCOUNT NO. REMARKS MAINTAINED IN AXIX BANK AND THE PERIOD OF OPERATIONATION 1 HINDUSTAN CONTINENTAL LTD 43010200007627 AUTHORISED SIGNATOR Y / 304, GOLD STAR TOWER (02.09.02 TO DIRECTOR- VIREN DRA 576, M.G. ROAD, INDORE 28.01.05) KUMAR JAIN PH. 269911 PAN AABCH 1575 M 2 AGRAWAL ROAD CARRIERS LTD 43010200008389 THE SIGNATORY AND 48, NEW LOHA MAND A I, INDORE (16.1 1.02 TO DIRECTOR OF THE BOTH PH - 462172 01.11.04 COMPANY HAS BEEN SUNIL SHARS & STOCKS P LTD 43010200015233 SUNIL AGRAWAL 205, 2ND FLOOR (09.03.04 TO RAJANI BHAWAN, 569, 13.01.05) INDORE. PH. 436334 1. 4 M/ S. YASH ASSOCIATES 4301020001246 7 AUTHORISED SIGNATORY - 5-B, BRIJESHWARI, NX-10 1 (03.10.03 TO MS RIBEKA GARG CHHAYA ARNAN APTS., 25.03.04) INDORE PH. 2595952 5 G R INVESTMENTS 4301020001528 8 THE PROPREITOR OF BOTH 9/1, GAS HOUSE ROAD, NEAR (11.03.04 TO THE CONCERN WAS KRISHNA TALKIES, INDORE 02.09.04) RAKESH SHARMA. HIS PAN IS THE OPENING ACOUNT OF VS TRADERS WAS INTRODUCED BY SUNIL AGRAWAL AS DIRECTOR AGRAWAL ROAD LTD -: 10: - 10 7 PATH PRADARSHAK FINVEST P LTD 4301020000697 2 AUTHORISED SIGNATORY 209, RAJANI BHAWAN, 569 M G (09.07.02 TO WERE DIRECTORS ROAD, INDORE PH-242968. 03.09.03) ABHISEKH KHARE & KUSHMAKAR. THE SHAREHOLDER IS ANIL KHANDE1WAL AND HIS FAMILY, ADDRESS-L, LAD COLONY, INDORE. 8 MS RIBEKA GARG 4301020000692 C/O RAJENDRA PRASAD BRAJESHWARI ANNEX, (06.07.02 TO GARG, NATE RIBREKA APT., 3RD FLOOR, INDORE PH- 01.05.03) GARG HAS BEEN PAN AFPPG 6682A AUTHORISED SIGNATORY I-TO-2(3), INDORE M/S. YASH ASSOCIATES 9 BHANURAJ SINGH RANAWAT 430102000075 76, ARNBIKA NAGAR, KANADIA (30.08.02 TO INDORE PH - 590527 08.10.03) ON INQUIRIES MADE BY THE DEPARTMENT IN CERTAIN CASES, WHILE EXAMINING THE GENUINENESS OF THE UNSECURED LOAN AND SHARE CAPITAL OBTAINED FROM THESE COMPANIES, IT IS REVEALED THAT THEY ARE MERELY PAPER CONCERNS. A LOT OF EFFORT WAS MADE TO TRACE HINDUSTAN CONTINENTAL LTD., BUT IT WAS NOT FOUND ON ANY OF ITS GIVEN ADDRESS. NO DIRECTOR OR AUTHORISED REPRESENTATIVES OF HINDUSTAN CONTINENTAL LTD APPEARED BEFORE THE OFFICERS OF THE DEPARTMENT. SOME OF THE ASSESSEES WHO HAD SHOWN TO HAVE RECEIVED UNSECURED LOAN I SHARE CAPITAL FROM HINDUSTAN CONTINENTAL LTD ARE M/S. AGRAWAL COAL CORPORATION PVT. LTD, AGRAWAL -: 11: - 11 TRANSPORT CORP., PVT. LTD., AD-MANUM FINANCE LTD, AD-MANUM PACKAGING LTD, INDIRA EXPORTS PVT. LTD AND AGRAWAL MONEY FINANCE WHOSE APPEALS HAVE BEEN RECENTLY DECIDED BY THE HON 'BLE TRIBUNAL VIDE THEIR ORDER DATED 3 1. 10.2011. THE SAID DECISION IS REPORTED IN (2011) 18 ITJ 717 (TRIB.-INDORE). ON THE FACTS OF THOSE CASES, THE ADDITION MADE IN RESPECT OF THE UNSECURED LOAN AND SHARE CAPITAL HAVE BEEN SUSTAINED BY THE HON'BLE TRIBUNAL. 4.1.4 IN THE BACKGROUND OF THE FACTS AS DISCUSSED ABOVE, I FIND THAT THE BANK ACCOUNT OF THIS ASSESSEE BHANURAJ SINGH RANAWAT HAS BEEN USED SIMPLY AS A CONDUIT FOR DEPOSITING THE CASH OF THE VARIOUS BENEFICIARIES FOR TRANSFERRING THE SAME TO THE ACCOUNTS OF ENTRY PROVIDER COMPANIES HINDUSTAN CONTINENTAL LTD, AGRAWAL ROAD CARRIERS LTD AND SUNIL SHARES & STOCK LTD AND FROM THERE BACK TO THE ACCOUNTS OF THOSE BENEFICIARIES IN THE GARB OF SHARE CAPITAL / -: 12: - 12 UNSECURED LOAN. THEREFORE THE ADDITION DESERVES TO BE MADE AND SUSTAINED IN THE HANDS OF THOSE PERSONS WHO HAD SHOWN TO HAVE RECEIVED SUCH SHARE CAPITAL / UNSECURED LOAN THROUGH SAID ENTRY PROVIDERS. SOME OF THE APPEALS OF SUCH BENEFICIARIES ON THIS ISSUE HAS BEEN DECIDED BY ME BY THE ORDER OF EVEN DATE. THE TABLE BELOW GIVES THE PARTICULARS OF SUCH APPEALS. 1: RAJAT CAPITAL MARKET PVT LTD- A.Y.2004-05, IT- 34 2/09-10 S.NO. NAME AMOUNT (RS.) 1 HIMGIRI DYNAMICS LTD 2,000,000 2 PRIVANSH SAREE INDUSTRIES LTD 500,000 3 HINDUSTAN CONTINENTAL LTD 1,000,000 4 SPECTRUM CHEMICALS PVT. LTD 500,000 5 INDO CAPITAL CREATIVE MARKET LTD 500,000 6 RCG FINANCE PVT. LTD. 500,000 7 RAPID COMMERCIAL & FINANCE PVT. 1,500,000 LTD 8 OPTIMATE TEXTILE INDUSTRIES LTD 500,000 9 SURVA UDVOG LTD 500,000 TOTAL 7,500,000 FLEXITUFF INTERNATIONAL PVT LTD-A.Y.2004-05, IT-76Q/0 6-07 1 HINDUSTAN CONTINENTAL LTD 800,000 2 AGRAWAL ROAD CARRIERS LTD 1,000,000 3 RCG FINANCE PVT. LTD. 2,000,000 4 HIMZIRI DYNAMICS LTD 2,000,000 5 RAPID COMMERCIAL & FINLEASE LTD 1,000,000 6 ARCSON INDUSTRIES LTD 1,000,000 7 JAY KAY DEE INDUSTRIES LTD 500,000 8 MAHAVIR AGRO PRODUCTS LTD. 500,000 9 FREEWINGS INDUSTRIES LTD 2,500,000 10 SPECTRUM CHEMICALS PVT. LTD 2,500,000 SUB TOTAL 13,800,00 11 MONEY PENNY FINCOM PVT. LTD 8,500,000 -: 13: - 13 12 NEMA INVT PVT LTD 500,000 13 PRAMILA INVT & FINANCE PVT LTD 5,400,000 14 PEONY INVT LTD 10,300,000 15 MCSURE CAPITAL MARKET LTD 2,350,000 16 SHRESHTH LEASING & FINANCE LTD - 4,000,000 17 SAGITARIUS SECURITIES & FINANCE LTD 8,700,000 18 SHREEVAR OVERSEAS LTD 2,000,000 19 INDO CAPITAL CREATIVE MKTZ LTD 1,000,000 20 BHOOMI AZRO OVERSEAS PVT LTD 2,000,000 21 MAXTOUCH SECURITIES PVT LTD 4,500,00Q 22 LVTON MGT SERVICES LTD 3,000,000 - 23 NAVKAR ABHIKARAN LTD 500,000 24 OMNI ASSOCIATES PVT LTD 1,000,000 SUB TOTAL 53,750,000 GRAND TOTAL 67,550,000 3: MEDICAPS FINANCE LTD - A.Y.2006 - 07, IT - 250/08 - 09 1 HINDUSTAN CONTINENTAL LTD 1,200,000 2 SUNDROP SECURITIES PVT. LTD. 600,000 3 SAMYAK INTERNATIONAL LTD 600,000 4 CANE INDIA OVERSEAS LTD. 1,500,000 5 BHOOMI AZRO OVERSEAS PVT. LTD. 600,000 6 CHINAR MARKETING PVT. LTD. 600,000 TOTAL 5,100,000 I AS FAR AS THIS ASSESSEE IS CONCERNED, HE NEITHER HAD CAPACITY TO DEPOSIT SUCH HUGE CASH NOR HE HAD DEPOSITED ON HIS OWN. THE CASH DEPOSITED IN HIS ACCOUNTS BELONGS TO THOSE WHO HAD OBTAINED SHARE CAPITAL / LOAN THROUGH SUCH ACCOMMODATION ENTRIES. IN VIEW THEREOF, IN MY CONSIDERED VIEW THE ADDITION MADE IN THE CASE OF THE PRESENT ASSESSEE -: 14: - 14 CANNOT BE SUSTAINED. ACCORDINGLY, THE ADDITION OF RS. 1,11,18,OOO/- STANDS DELETED. 3. AGAINST THE ABOVE ORDER OF CIT(A), THE REVENUE IS I N FURTHER APPEAL BEFORE US, WHEREIN FOLLOWING GROUNDS HAVE BEEN TAKEN BY THE REVENUE :- ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE LD. CIT(A) ERRED IN :- 1. DELETING THE ADDITION OF RS. 1,11,18,000/- MADE ON ACCOUNT OF CASH DEPOSITS APPEARING IN THE BANK A/C OF THE ASSESSEE, IGNORING THE FACT THAT THE ASSESSE E DID NOT SATISFACTORY EXPLAIN THE SOURCE OF THE CASH DEPOSITED IN HIS BANK A/C. 2. NOT CONSIDERING THE FACT THAT THE OWNERSHIP OF DEPOSIT IN BANK A/C BELONGS TO THE A/C HOLDER ONLY AND IT CANNOT BE ATTRIBUTED TO ANY OTHER PERSON WHICH FACT IS PROVED BY THE ACCOUNT OPENING FORM AND SIGNATURE ON THE CHEQUES ISSUED. -: 15: - 15 3. NOT CONSIDERING THE FACT THAT SHRI ABHISHEK KHARE WAS NEVER PRODUCED BEFORE THE ASSESSING OFFICER NOR ANY EVIDENCE WERE FILED TO PROVE THAT THE ACCOUNT FACTUALLY BELONG TO SHRI ABHISHEK KHARE. 4. NOT GIVING THE FINDING THAT HOW AND IN WHOSE HAND THE SUM DEPOSITED IN THE BANK A/C OF THE ASSESSEE HAVE BEEN TAXED. 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAVE GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW AN D FOUND FROM RECORD THAT THE ADDITION HAS BEEN MADE BY THE ASSESSING OFFICER IN RESPECT OF CASH DEPOSITED IN THE SAVING BANK ACCOUNT OF THE ASSESSEE, WHICH WAS FOUND TO BE USED FOR GIVING ACCOMMODATION ENTRIES. IT IS NOT IN DISPUTE THAT AC COUNT WAS OPENED BY ONE OF THE FRIENDS OF THE ASSESSEE BY MIS LEADING HIM. THIS ACCOUNT WAS USED AS A CONDUIT FOR GIVING ACCOMMODATION ENTRIES BY ONE SHRI ABHISHEK KHARE AN D FI R WAS ALSO FILED AGAINST ABHISHEK KHARE FOR THIS OFFE NCE. THE LD. CIT(A) DELETED THE ADDITION AFTER RECORDING A FINDI NG TO THE EFFECT THAT THE ASSESSEE HAS NEITHER ANY INCOME NOR ANY SOURCE -: 16: - 16 OF DEPOSIT OF THE SAID AMOUNT IN HIS SAVING BANK AC COUNT. THE CIT(A) ALSO OBSERVED THAT IN SOME OF THE APPEALS, H E HAS CONFIRMED THE ADDITION IN THE HANDS OF BENEFICIARIE S, WHO HAVE TAKEN ACCOMMODATION ENTRIES. WE ARE IN AGREEMENT WI TH THE FINDING OF THE CIT(A) TO THE EXTENT THAT THE ASSESS EE HIMSELF HAS NO SOURCE OF INCOME AND THE MONEY SO DEPOSITED IN THE BANK ACCOUNT DOES NOT BELONG TO HIM, BUT AT THE VER Y SAME TIME, THE ASSESSEE CANNOT BE RELIEVED MERELY ON THI S FINDING, WHEN HIS ACCOUNT WAS USED AS A CONDUIT FOR GIVING ACCOMMODATION ENTRIES. WHILE FRAMING THE ASSESSMENT , THE ASSESSING OFFICER HAS NOT MADE ANY EFFORTS TO FIND OUT THE REAL BENEFICIARIES OF THOSE FUNDS. AS PER OUR CONSIDERED VIEW, ADDITION SHOULD HAVE BEEN MADE IN THE HANDS OF ACTU AL BENEFICIARIES. THE LD. CIT(A) HAS GIVEN A GENERAL F INDING TO THE EFFECT THAT IN SOME OF THE CASES, HE HAS CONFIRMED ADDITION IN THE HANDS OF THE BENEFICIARIES. HOWEVER, NO DEFINIT E FINDING HAS BEEN GIVEN BY THE LD.CIT(A) TO THE EFFECT THAT THE ENTIRE FUNDS SO DEPOSITED IN THE SAVING BANK ACCOUNT AND FOR WHI CH CHEQUES WERE ISSUED WERE DULY TAXED IN THE HANDS OF RESPECTIVE BENEFICIARIES. UNDER THESE CIRCUMSTANCES , WE ARE IN -: 17: - 17 AGREEMENT WITH THE CONTENTIONS OF CIT DR, SMT. MRID ULA BAJPAI THAT MORE INVESTIGATION IS REQUIRED AT THE P ART OF ASSESSING OFFICER TO FIND OUT CONCRETE POSITION. AC CORDINGLY, IN THE INTEREST OF JUSTICE AND FAIR PLAY, WE RESTORE T HIS MATTER BACK TO THE FILE OF ASSESSING OFFICER WITH A DIRECTION T O FIND AFTER HAVING DETAILED INQUIRIES THE ACTUAL BENEFICIARIES TO WHOM CHEQUES HAVE BEEN ISSUED THROUGH THIS BANK ACCOUNT AND MAKE ADDITION IN THE RESPECTIVE HANDS AFTER PROVIDI NG DUE OPPORTUNITY TO THE OTHER PARTY FOR THE SAME. WE DIR ECT ACCORDINGLY. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS ALLOWED IN PART IN TERMS INDICATED HEREIN ABOVE. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 24 TH JANUARY, 2013. SD/ - SD/ - (JOGINDER SINGH) (R. C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 24 TH JANUARY, 2013. CPU* 151624