9911796707
TMI Blog2012 (11) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... ence under section. 132 of the Income Tax Act, 1961. In fact, the search was carried out along with the searches made in the case of M/s.Vellore Institute of Technology. In the course of search, certain documents and some amount of jewellery were found and seized. In the light of the details collected in the course of search, a notice under section 142 (1) was served on the assessee against which the assessee has filed her return of income for Rs. 2,75,600/-. In the course of assessment proceedings, certain additions were made by the assessing authority and as such the assessment was finally completed on a total income of Rs. 41,48,730/-. 3. When the matter was taken in first appeal, the facts leading to all the additions have been conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) for earlier Assessment Years and as such there is no basis in arguing that the Commissioner of Income Tax(Appeals) has granted reliefs without any basis. 7. We have heard both sides in detail. 8. The first ground raised by the Revenue in the appeal is that the Commissioner of Income Tax(Appeals) has erred in deleting the additions made by the Assessing Officer towards business income amounting to Rs. 6 lakhs from lease of buses. This issue was considered by ITAT, Chennai 'B' Bench in assessee's own case while considering the appeals for the Assessment Years 2002-03 to 2006-07 filed before it. In the common order passed by the Tribunal dated 20th January, 2012 in ITA Nos. 1533 to 1537/Mds./2010 along with cross objections Nos.150 to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring search as valid since no books of account were produced during search and she did not prove receipt of Rs.10 lakhs from her father-in-law and balance amount from maturity of chit funds. 11. The Commissioner of Income Tax(Appeals) has considered this issue in a detailed manner in pages 3 to 6 of his order. In the course of search, the assessee had given a statement that Rs.13 lakhs kept in her bank locker, was not accounted for. It is for that reason the amount of Rs.13 lakhs was added. Another sum of Rs.4 lakhs was found at the residence of the assessee, which also on the same ground added to the income of the assessee. It is how a sum of Rs.17 lakhs has been added to the income of the assessee. The explanation offered by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee had maintained books and they were produced before the assessing authority and those books were not rejected in the course of assessment. The balance available in the cashbook was sufficient to cover the amounts pointed out by the assessing authority. The assessee was also having bus operations and the assessee had also produced evidence in support of chit fund income before the assessing authority. In fact, it is not a case where the assessee has not produced any evidence, but it is a case where the evidences produced by the assessee were rejected by the assessing authority. When we consider the entire aspects, especially in view of the fact that the cash balance was available in her hands as per cash book, we are inclined to agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of marriage and other occasions from her parents and other close relatives. The Commissioner of Income Tax(Appeals) also found that the assessee has been getting the support of her adoptive father, natural father as well as her husband. In these circumstances, the Commissioner of Income Tax(Appeals) has accepted the genuineness of 552 grams of gold ornaments in the assessee's hands. The Commissioner of Income Tax(Appeals) has deleted the addition towards diamonds amounting to Rs. 50,000 on the ground that the amount is very negligible and by all means inherently explained by the financial position of the assessee and her family. 15. On going through the detailed discussion made by the Commissioner of Income Tax(Appeals), we find th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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