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u/s 132(4) of the Act, wherein he initially denied having possessed any foreign bank account or being a beneficiary of any foreign trust. However, when he was confronted with "Confidential Client Profile Sheet", "Settlor Profile Form", deed of trust between Shri Bipinchandra P. Patel & Smt Manjulaben B. Patel and Merrill Lynch Bank and Trust Company (Cayman) Ltd. dated 07.01.2000, the supplementary deed of trust dated 07.01.2000, the company formation letter, deed of amendment dated 30.03.2021, Revocation of Trust Deed dated 19.11.2012; Shri Bipinchandra P. Patel accepted that he had signed on the deed of trust as well as the other documents related to establishment of a trust with Merrill Lynch Bank and Trust Company (Cayman) Ltd. However, he stated that he had signed on these forms as settlor in order to help his blood-sister late Smt. Prabhavatiben Amin and brother-in-law late Shri Jashbhai Amin who were settled in London, in order to help them to bring their money from Africa to London. The Assessing Officer found this explanation to be a concocted story; and on the basis of material available on record and the statement of Shri Bipinchandra P. Patel, initiated action against the assessee and Smt. Manjulaben B. Patel for 17 assessment years under different provisions of Act as follows: -

3. In the later questions, he was confronted with the "Confidential Client Profile Sheet", "Settler Profile Form", the deed of trust between Shri Bipinchandra Patel & Mrs. Manjulaben Patel and Merrill Lynch Bank and Trust Company (Cayman) Ltd dated 07/01/2000, the supplementary deed of trust dated 07/01/2000, the company formation letter, deed of amendment dated 30/03/2001, Revocation of Trust Deed dated 19/11/2012 and was asked to explain them. Sh. Bipinchandra has accepted that he signed on the deed of trust as well as other documents related to the establishment of a trust with Merrill Lynch Bank and Trust Company (Cayman) Ltd. In none of his reply, he stated that he has not signed on the document. In all his reply, he put forward a concocted story stating that he had signed on the form as a settler in order to help his blood sister Late Smt. Prabhavatiben Amin and brother-in-law Late Shri jashbhai Amin, who were settled in London to help them bring their money from Africa to London. In view of these facts, these bank accounts with Merrill Lynch Bank and Trust Company (Cayman) Ltd are undisclosed and the deposits made in these Foreign Bank Accounts are unexplained. .' I.T.A No. 1894/Ahd/2019 A.Y. 2000-01 Page No 29 Manjulaben Bipinbhai Patel Legal Heir of Late Bipinbhai P. Patel & 81 ors.
found during the search and what were the "other materials"

available with the AO, to assess/reasess the total income of the assessee.

59. As per provision of Section 132 of the Act, a search operation can be conducted in consequence of information available with the department, on I.T.A No. 1894/Ahd/2019 A.Y. 2000-01 Page No 55 Manjulaben Bipinbhai Patel Legal Heir of Late Bipinbhai P. Patel & 81 ors.

the basis of which the reason to believe is formed that any person is in possession of money, bullion, jewellery or other valuable articles or things which represent his income and which has not been or would not be disclosed for the purpose of Income Tax Act. The precise purpose of conducting search operation is to get hold of evidences having a bearing on the tax liability of a person, which the said person is seeking to withhold from the assessing authority. From the facts as narrated in the assessment order as well as from the statement recorded u/s 132(4) of the Act, it prima facie appears that the department was already in possession of certain specific information in respect of foreign bank accounts of the assessees, which were not disclosed in their income tax returns. For this reason, search operation u/s.132 of the Act was conducted to unravel further evidences, and in the course of search the assessee was confronted with the information/documents already available with the department. The statement of the assessee recorded u/s. 132(4) of the Act is reproduced in the assessment order and it is found therefrom that the trust deed dated 07.01.2000, supplementary deed dated 07.01.2000, company formation letter addressed to MLB and Trust Company (Cayman) Ltd., Confidential Client Profile Sheet dated 06.12.1999, Settlor Profile Form, deed of amendment dated 30.03.2004, Revocation of Trust Deed dated 19.11.2012; were all shown to the assessee and merely confronted for explanation in the course of statement. It is apparent from the statement that these documents were not found from the premises of the assessee in the course of search, as no such reference is appearing in the statement. However, there is no dispute to the fact that the documents as confronted to the assessee in the course of statement recorded during search were in respect of foreign bank accounts of I.T.A No. 1894/Ahd/2019 A.Y. 2000-01 Page No 56 Manjulaben Bipinbhai Patel Legal Heir of Late Bipinbhai P. Patel & 81 ors.

Qs. No. 30 Have you ever signed any account opening forms/documents for any other foreign bank accounts?
Ans : As directed by my sister and Mr. Chaturvedi, I may have signed many papers.
I.T.A No. 1894/Ahd/2019 A.Y. 2000-01 Page No 84 Manjulaben Bipinbhai Patel Legal Heir of Late Bipinbhai P. Patel & 81 ors.
Qs. No.34 You are shown a notarized letter dated 16/08/2012 signed by you and your wife Smt. Manjulaben Patel, whereby it is stated that all balance trust funds, after revocation of trust with Merrill Lynch Bank, shall be transferred to bank account number 11370 in Hinduja Bank (Switzerland) Ltd. in the name of Nad Investment Lid having IBAN No CH12 0882 7001 1370 0184 0. Kindly state whether this foreign bank account number 11370 in Hinduja Bank (Switzerland) Ltd. belongs to you/your wife or not?