9911796707
TMI Blog2002 (9) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee against the order of the CIT(A) dated 5-1-1999 pertaining to assessment year 1985-86. 2. In Ground Nos. 1 to 6, the assessee has challenged the addition of Rs. 1,20,196 sustained by the CIT(A) on account of unexplained investment in the gold bars weighing 774 gms. 3. Briefly the facts of the case are that the assessee is an individual deriving the income from the dalali in gold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmed that the gold bars weighing 605 gms. belonged to him. As the ownership of the part of the gold bars was admitted by the assessee, a notice under section 148 of the Act pertaining to assessment year 1985-86 was served on the assessee on 20-12-1993. In response to such notice, the return of income was filed on 29-12-1995. In para 4 of the return, the assessee stated that the gold weighing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 he made the protective addition in the case of the assessee. On appeal the CIT(A) dismissed the appeal against which the assessee is in appeal before us. 4. It is argued by the ld. counsel that though on 17-11-1984, the assessee denied the ownership of any part of the gold bars fearing action under the Gold Control Act. On the next day, the assessee admitted the ownership of the gold bars valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the gold bars cannot be subject matter of adjudication by the Tribunal. 6. We have considered the rival submissions. As mentioned earlier, only the protective addition has been made in the case of the assessee. Substantive addition has been made in the case of Mr. Palia. It is understood that Mr. Palia has not challenged the addition in his hands. In view of these facts, the addition on protecti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
