1994 (2) TMI 108

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..... th Feb., 1987 a survey was conducted in the business premises of the assessee and some discrepancy was noticed in respect of cash on hand. The managing partner had admitted in the course of the survey that the firm was accounting its turnover only to the extent of 1/3 of it and the excess cash found at the time of survey represented the escaped turnover. On this basis addition was made to the inco .....

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..... he deletion of the addition of Rs. 1,90,000. In the course of inspection by the Central Excise authorities, about 1001.400 grams of gold and gold ornaments valued at Rs. 1,90,000 were found concealed in the bottom drawer of the wooden drawer covered with a wooden plank placed in front of the managing partner's seat. Sri T.K. Bhargavan, the managing partner had claimed that the gold and gold orname .....

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..... he managing partner and its assessability should be considered only in his hands and not in the hands of the assessee-firm. The Revenue is aggrieved. 5. We have heard rival submissions. The assessee has filed before us the proceedings of the Collector of Central Excise in C. No. XVII/8/20/84/Sl. No. 18/84 Gc. Adj. dt. 25th May, 1987. It is seen that after elaborate discussion and on the basis o .....

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