Law:

Section:

Section 69 of the Income-tax Act, 1961 - Unexplained investments - Assessment year 1985-86 - Whether where pursuant to a search conducted at business premises of assessee as well as his business associates certain documents were seized which indicated investments made by assessee with an enterprises which were treated as unexplained investments, but subsequently, Assessing Officer before Commissioner (Appeals) by way of written submission had accepted that relevant documents had been seized from premises of said enterprises or its officers only and moreover said enterprise filed an affidavit and stated that it had not received any amount from assessee, in said circumstances, it could be said that assessee had no unexplained investments in said concern - Held, yes FACTS Simultaneous search operations were carried out in the residential and business premises of the assessee as well as his business associates in which certain documents were seized. According to the Assessing Officer, the seized documents showed that investments were made by the assessee with an enterprise. Upon scrutiny of the materials collected in the course of search, the Assessing Officer made addition of certain sum to the income of the assessee as unexplained peak investment with the said enterprise. The Assessing Officer also made another addition of certain sum as unexplained advances made by the assessee. On appeal, the Commissioner (Appeals) confirmed the addition made by Assessing Officer, but deleted the addition made on account of unexplained advances. On further appeal, the Tribunal remitted back the matter to the Commissioner (Appeals) for fresh hearing and disposal with the direction to examine the said enterprise in respect of the peak investment. On remittal, the Commissioner (Appeals) deleted the said addition on the ground that it was admitted by the Assessing Officer himself that the relevant documents had been seized from the premises of the said enterprise or its officers and the said enterprise had filed solemn affidavit that it had not received the amount from the assessee. Further, he held that said enterprise was liable to explain the source of certain sum. On further…

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