9911796707
TMI Blog1999 (11) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... under s. 133A was conducted at the business premises of the assessee dt. 26th Sept., 1988, which falls in the year under consideration. The assessee declared income from profession at Rs. 20,000 on estimated basis. The AO estimated the same at Rs. 33,000 on the basis of statement given by the assessee during the course of survey under s. 133A. The Dy. CIT(A) confirmed the said estimate of income from provision made by the AO. 4. Shri Ojha, learned counsel submitted that the statement of the assessee was recorded on 28th Sept., 1988, i.e. during the currency of the relevant previous year. He drew my attention to the copy of the said statement submitted in the compilation. At p. 32 of the paper-book, the relevant question No. 17 and its an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kgs found during the course of survey. He, therefore, made an addition of Rs. 26,698 after allowing deduction of 15 per cent for alloy contents/impurity in the said silver ornaments. 6. The learned Dy. CIT(A) held that half of the silver ornaments found during the course of survey be considered as stock-in-trade and the remaining half be considered as investment out of unexplained sources. He further directed the AO to give deduction for impurity at 30 per cent while working out value of the half portion of silver ornaments to be treated as investment made out of unexplained sources. The assessee is aggrieved against the part confirmation of the said addition. 7. The learned counsel argued that the assessee has been carrying on the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in asst. yr. 1988-89. Therefore, there is no justification in showing net income from profession on an estimate basis only at Rs. 20,000 in asst. yr. 1989-90. The assessee has tried to explain the reasons for decline in the income from profession in the year under consideration as compared to the preceding year. However, such an explanation is not supported by clinching evidence or record. After careful consideration of the entire relevant facts, I am of the view that it will be just and proper to direct the AO to restrict the income from profession at Rs. 28,000 as against Rs. 20,000 declared by the assessee and Rs. 33,000 estimated by the AO. The assessee thus gets a relief of Rs. 5,000 in relation to this ground. 10. As regards the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
