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Issues involved: Appeal against order of CIT(A) for block period u/s 1997-98 to 2002-03 regarding cash seizure, unexplained investment in gold jewellery, and KVPs with accrued interest.
Cash Seizure Issue: The appeal concerned cash found during search at assessee's premises, claimed to belong to M/s Soni Marbles. Discrepancy in explanations led to addition by AO, but CIT(A) deleted it based on detailed submissions and verification of cash withdrawals from M/s Soni Marble's books. AO's reports and observations were considered, confirming genuineness of transactions and cash balance. Tribunal upheld CIT(A)'s decision, dismissing Revenue's appeal. Unexplained Gold Jewellery Issue: Disputed amount on unexplained gold jewellery was added by AO, but CIT(A) deleted it after considering partner's statement, VDIS declaration, and lack of evidence for unaccounted purchases. Tribunal found entire jewellery explained based on relevant instructions and supporting documents, rejecting Revenue's appeal on this ground. KVPs Investment Issue: AO made addition for unexplained KVPs and accrued interest, but CIT(A) deleted it as the issue was already decided in substantive assessment of another individual. Tribunal agreed with CIT(A) that same amount cannot be considered twice, dismissing Revenue's appeal on this ground as well. In conclusion, the Tribunal dismissed Revenue's appeal against CIT(A)'s order for the block period, addressing issues related to cash seizure, unexplained gold jewellery, and KVPs with accrued interest, based on detailed examination of facts and supporting evidence.
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