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TMI Blog1982 (4) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... of the IT Act, 1961 (hereinafter to be referred to as the Act). During the course of search, key No. 202 in respect of locker No. 175 of Punjab National Bank, Khan Market,New Delhiwas seized. The locker is said to have contained jewellery which was valued by the Revenue at Rs. 48,077. The said jewellery was seized. The locker was being held in the bank in the name of Shri Misha Vadera, elder son of the assessee. The ITO in proceedings under s. 132(5) of the Act, made an order on Shri Misha Vadera also in relation to asst. yr. 1977-78. In the said order made us 132(5) of the Act, income from undisclosed sources in lieu of jewellery found and seized was assessed at Rs. 48,077. The jewellery was directed not to be released since it was retain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst Appellate Authority), it was contended on behalf of the assessee that the value of 8 items of jewellery seized form the locker was not property done, since there was a difference in valuation of Rs. 26,101. These items of jewellery having been valued at Rs. 27,589 as against their real worth of Rs. 700; that the jewellery did not belong to the assessee but it belonged to one Smt. Tej Kaur Sethi, an old lady of 75 years who had already categorically stated in her statement before the ITO that the jewellery belonged to her and was meant for, to be given to the children of the assessee-appellant at the item of the children's marriages. Reliance was also placed on the reported decision of the Hon'ble Punjab Haryana High Court (1974) 94 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1977-78 in the case of Shri Misha Vadea under s. 132/(5) of the Act. Further reliance has been placed on the ratio of the decision of the Hon'ble Allahabad High Court Chandra Krishan vs. CIT (1980)122 ITR 823 (All) and that of the Hon ble Kerala High Court CIT vs. Smt. P.K. Noorjehan (1980) ITR 3 (Ker) (FB), apart from the reliance on the ratio of the decision of the Hon'ble Punjab and Haryana High Court as was relied upon by the assessee before firsts appellate authority. 8. For the revenue, while supporting the orders of the lower authorities, it has been contended by the ld. Departmental representative that the assessee having not explained the sources of acquisition of the jewellery to the satisfaction of the ITO, the seized jeweller ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the ITO, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for assessee for such financial year. 11. A bare reading of the above section makes it abundantly clear that unexplained money under s. 69A of the Act may be deemed to be the income of the assessee of the financial year in which the assessee is found to be the owner of any such unexplained money or else bullion, jewellery or other valuable article, etc. 12. Now, in the case of the assessee, Rs. 48,077 has been assessed in lieu of value of jewellery foun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of which may reasonable be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwriting and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested." 15. Form the above provisions of law, it flows, that jewellery may be presumed to be belonged to the assessee if it is found in the possession or control of the assessee's but on the stated facts of the assessee's case on the stated facts of the assessee's case. Key No. 202 pertaining to locker No. 175 with the Punjab National Bank, Khan Market,New Delhistood in the name of Shri Misha Vadera and the assessee as s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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