Dismissing the petition the Court held that, failure of the assessee to substantiate that entire unaccounted income from seized documents did not belong to him in respect of off market commodity transactions and hedging transaction. Accordingly the rejection of application by the Settlement Commission was held to be justified ( AY. 2007 -08 to 2013-14)
Manojkumar Babulal Agarwal v. Secretary, ITSC ( 2017) 83 taxmann.com 139/( 2018) 406 ITR 481 ( Guj) (HC) Editorial: SLP is granted to the assessee , Manojkumar Babulal Agarwal v. Secretary, ITSC ( 2018) 255 Taxman ( 2018) 255 Taxman 170 (SC)/ 403 ITR 311 ( St.)
S. 245D : Settlement Commission -Broker – Search and seizure- Failure to substantiate that entire unaccounted income from seized documents did not belong to him in respect of off market commodity transactions and hedging transaction -Rejection of application was held to be justified [ S. 69A, 153A, 245C ]