2013 (3) TMI 16

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..... pointed out to assail the positive findings of Assessing Officer and that of Tribunal. - Decided against the assessee. - TAX APPEAL No. 1806 of 2010 - - - Dated:- 18-1-2012 - MR. AKIL KURESHI AND MS SONIA GOKANI JJ. Appearance: MRTUSHARPHEMANI for Appellant(s):1, ORAL ORDER (Per : HONOURABLE MS JUSTICE SONIA GOKANI) 1. The assessee-appellant being aggrieved by the order of Income Tax Appellate Tribunal, Ahmedabad dated 29.10.1999 ( Tribunal for short) has preferred the present Appeal under section 260-A of the Income Tax Act, 1961, (hereinafter referred to as the Act ) proposing the following questions of law for determination of this Court: (I) Whether, in the facts and circumstances of the case, the Income Ta .....

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..... eversing the order of CIT(A), without discussing findings of the CIT(A) and mentioning any reason for disagreeing with thereof ? (VI) Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in confirming the addition of Rs.5,00,000/- in the hands of the appellant only on the basis of the statement recorded at the time of search u/s. 132(4) of the Act without there being any other material available on record and moreover when the very addition is disputed by the appellant? (VII)Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in confirming addition of Rs.5,00,000/- merely on the basis of statement recorded u/s. 132(4) and without any evidence .....

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..... estions proposed are many, essentially it concerns addition of Rs. 5,35,000/- confirmed by the Appellate Tribunal in the hands of present appellant. 3. Heard learned counsel Mr. Tushar Hemani appearing for the appellant and with his assistance examined the material placed before this Court. For the reasons to be followed hereinafter, this Tax Appeal merits no consideration. 4. It would be worthwhile to note briefly, essential factual details. A search was carried out under section 132 of the Income Tax Act, 1961(hereinafter referred to as the Act ) at the residential premise of present appellant on 29.10.99. Number of valuables and documents were found including cash of Rs.6,77,450/- from the residence of appellant. It was revealed b .....

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