C I T Vs. CHANDRAKUMAR JETHMAL KOCHAR

JUDGEMENT

(1.) IN compliance to the direction of the Hon'ble Apex Court, the Tribunal has referred the following questions of law to this Court:

(2.) THE facts in brief are that on 08.08.1990 a search and seizure operation was conducted by the Income Tax Authorities on the business premises of the assessee u/s 132 of the I.T. Act. Statement of the assessee was recorded by the authorized Officer u/s 132(4) and during that course the assessee admitted that one Kamal Traders, Naman Traders, Adarsh Textiles and Sampat Traders were benami concerns of the assesssee and these business concerns were being run by the assessee in the name of his employees. Thereafter, the statement of the concerned employees were also recorded, wherein it was admitted that the businesses run in the name of the assessee himself. The authorized Officer also recorded the statement of wife of the assessee. Subsequently, during the course of the assessment proceedings, the Assessing Officer recorded the statements of the aforesaid four employees as well as the wife of the assessee, wherein it has been claimed that the business carried out in their respective names belonged to them. However, the Assessing Officer, placed reliance on the earlier statements recorded during the course of search operations on 8.8.1990 and made additions for Assessment Years 198990 to 199192 treating the profits of the benami businesses as belong to the Assessee.

(3.) LEARNED advocate for the appellant has submitted that the Tribunal has committed an error in allowing the appeal. He further submitted that the Tribunal has not given any cogent reasons in its order.