1977 (11) TMI 75

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..... 975. The assessee is one of the four partners of a firm, Bhima Automobiles doing business in motor spare-parts. The assessee returned his share income. That was accepted. On 30th July, 1975 after the relevant accounting year is over there was raid by Police in the premises of the firm where they found the following articles: (1) Electronic Calculator. (2) Copper Wire 4.60 kilos. (3) Perfumes .....

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..... ty of materials seized as shown in the list above are not at all sufficient to hold that the assessee is dealer in smuggled goods. These can as well be the personal belonging of the assessee. So there is absolutely no material to hold that the assessee individual dealt in smuggled goods and derived income therefrom. 4. Therefore, these two appeals are allowed. Even the addition of Rs. 2,500 sust .....

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