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TMI Blog2011 (5) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of the closing stock and the valuation of the seized diamonds as per the Department were same. All these factors persuaded the Tribunal to come to the conclusion that the seized diamonds did not form part of undisclosed source of the assessee, Tax Appeal is dismissed - Tax Appeal No. 2343 of 2010 - - - Dated:- 9-5-2011 - Akil Kureshi, Sonia Gokani, JJ. Manish R. Bhatt Sr. Adv., and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in a mini-bus belonging to one M/s. Ambalal Hargovandas and Company. The Department believing that such diamonds were not accounted for by the assessee, added the sum of Rs. 67,93,643/- in the income of the assessee, as such income from undisclosed sources. The Assessing Officer, on the basis of evidence collected as well as after examination of the assessee and giving him opportunity to explain c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt-original assessee. So far M/s. Patel Somabhai Kanchanlal and Department both are concerned, this issue rested at that stage. No further appeal was filed by Angadia firm. The Tribunal, in the impugned judgment, observed that before the Assessing Officer, the assessee produced documentary evidence in the form of bills of purchase evidencing the source of the stock of goods seized, even the st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the diamonds in question at Rs. 67,66,360/- matched very closely with the valuation made by the Department at Rs. 67,93,643/-. On all these grounds, the Tribunal was of the opinion that there was enough evidence to suggest that the purchases were made from disclosed sources as the stock was fully disclosed in the books of accounts in the return of income filed even before the search operation. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal's finding cannot be said to be perverse. At best, the view taken by the Assessing Officer, as confirmed by the CIT[A] could also be one of the plausible views. Nevertheless, when the Tribunal, on the basis of evidence on record, has come to a certain factual findings, simply because the Tribunal's view was different from the one held by the Assessing Officer, in our view, would not permit u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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