Case Law Details
Kashyap Suresh Brahmbhatt Vs DCIT (ITAT Ahmedabad)
Held that AO correctly estimated the income of the assessee at 1% of the total transactions of cricket betting as found recorded in the laptops seized
Facts-
The assessee is an individual. The Vigilance Squad of State Police, Gandhinagar conducted a raid at his residential premises. During the course of the said raid, cash of Rs.43,88,500/- was found and seized besides some incriminating documents and articles such as laptops, mobiles, TV etc. On the basis of the information received relating to this raid conducted by the Vigilance Squad of State Police, Gandhinagar and the seizure of cash and incriminating documents and articles, an authorization u/s. 132A was issued. An application was also made before the Additional Chief Judicial Magistrate for requisition of assets, in response to which the police authority was directed by the Court to handover all seized assets which were ultimately requisitioned under Section 132A.
Although a different stand was taken by the assessee in respect of cash of Rs.43,88,500/- found during the course of raid, he finally claimed that he was engaged in the business of real estate agency and the said cash represented his commission income earned from the said business. Consequent to action u/s. 132A of the Act, proceedings u/s. 153A of the Act were initiated in the case of the assessee inter alia for both the years under consideration i.e. AY 2011- 12 and 2012-13 by issuing notices. During the course of assessment proceedings, copies of printouts taken from the seized laptops were provided to the assessee and he was asked to explain the transactions of Rs.33,09,01,900/- and Rs.111,48,49,350/- relating to AYs 2011-12 and 2012-13 respectively as found recorded in his laptop.
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