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Issues Involved
1. Admission of additional grounds of appeal. 2. Merits of the additional ground concerning additions made without evidence found during the search. 3. Regular grounds of appeal concerning unexplained assets, credit for disclosed income, money left by father, exclusion of assets acquired from already assessed income, and genuineness of foreign remittances. Issue-wise Detailed Analysis 1. Admission of Additional Grounds of Appeal The assessee requested to admit an additional ground of appeal, claiming that the Assessing Officer erred in making additions without evidence found during the search. The Tribunal admitted the additional ground, citing the Supreme Court's judgment in National Thermal Power Co. Ltd. v. CIT, which allows the Tribunal to consider legal issues if all relevant facts are on record. 2. Merits of the Additional Ground The Tribunal examined whether the additions made by the Assessing Officer were based on evidence found during the search. The assessee argued that no evidence was found to support the additions, particularly concerning foreign remittances. The Departmental Representative countered that the additions were based on documents found during the search, including foreign bank drafts and bank passbooks. The Tribunal concluded that the Assessing Officer relied on evidence found during the search, and thus, the additional ground was dismissed. 3. Regular Grounds of Appeal a. Unexplained Assets The Tribunal addressed the addition of Rs. 33,00,000 for unexplained assets. The assessee provided a breakdown of the sources of assets totaling Rs. 53,75,330, including foreign remittances and money left by the father. The Assessing Officer accepted some sources but rejected others, particularly foreign remittances and money left by the father. The Tribunal upheld the addition, noting that the assessee failed to link the foreign remittances to the acquisition of assets and did not provide sufficient evidence for the money left by the father. b. Credit for Disclosed Income The assessee argued that the Assessing Officer did not give credit for the full income disclosed in the return in Form 2B. The Tribunal found no merit in this claim, noting that the Assessing Officer had allowed credit for the disclosed income. c. Money Left by Father The assessee claimed Rs. 2,50,000 as money left by the father. The Assessing Officer rejected this claim due to a lack of evidence and the possibility that the assets were distributed among other siblings. The Tribunal directed the Assessing Officer to allow credit for Rs. 2,50,000, noting that the assessee's father was assessed to tax and the claim was not rebutted by the Assessing Officer. d. Exclusion of Assets Acquired from Already Assessed Income The assessee did not press this ground, and it was dismissed as not pressed. e. Genuineness of Foreign Remittances The Tribunal examined the genuineness of foreign remittances received by the assessee and his wife. The Assessing Officer rejected these remittances as unexplained, noting contradictory statements by the assessee and the lack of evidence linking the remittances to asset acquisition. The Tribunal upheld the Assessing Officer's findings, citing the assessee's failure to prove the source and genuineness of the remittances. f. Foreign Remittances Received by Wife The assessee argued that foreign remittances received by his wife should not be included in his assessment. The Tribunal found no merit in this claim, noting that no assets owned by the wife were included in the assessment and the issue was about the source of assets owned by the assessee. Conclusion The Tribunal partly allowed the appeal, directing the Assessing Officer to allow credit for Rs. 2,50,000 as money left by the father but upheld the other additions and findings of the Assessing Officer. The appeal was thus partly allowed.
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