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TMI Blog2013 (6) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) Unexplained investment in Gold biscuits - Rs.4,70,000/- (c) Excess of expenses over receipts - Rs.6,28,882/- (d) Adjustment of excess of expenses against other income. (e) Income for assessment year 1994-95 to 1999-2000, being below taxable limit, is required to be excluded from undisclosed income. The items listed out as (d) and (e) have been contested by raising additional grounds before us. 3. The facts relating to the case are stated in brief. The assessee is carrying on gold and silver jewellery business at Perinthalmanna. The department carried out search and seizure operations in the hands of the assessee on 15.11.2000. The block assessment was completed by making various additions. In the appeal filed before the ld CIT(A), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mi Jewellery was written up to 20.10.2000 only on the date of survey, i.e., on 15.11.2000. Further, it is also a fact that the assessee also did not record in any of the documents about the receipt of money from the concern belonging to his brother. Thus, it is seen that the assessee could not prove his claim by showing that the said transaction was recorded in any of the documents prior to the date of search. The assessee is placing reliance on the entries recorded in the books of accounts of M/s Dhanalakshmi Jewellery, apparently after the date of search. Under these set of facts, we are of the view that the Ld CIT(A) was justified in confirming the assessment of Rs.1,30,000/- as the undisclosed income of the assessee. 6. The next issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee is trying to explain the investment of Rs.4.70 lakhs without any credible evidences. Hence, we are of the view that the ld CIT(A) was justified in confirming the assessment of Rs.4.70 lakhs, referred above, in the hands of the assessee. 8. The next issue relates to the assessment of excess of expenditure over receipts. During the course of search, the department unearthed a note book containing the cash transactions between 03-09-2000 to 14.11.2000. The said transactions contained receipts to the tune of Rs.73,345/- and aggregate expenditure to the tune of Rs.7,02,227/-. Thus, the excess of expenditure over the receipt was to the tune of Rs.6,28,882/-. The assessee claimed the sources of the same as agricultural income. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent assessment is a block assessment, which is a separate assessment procedure and it runs parallel to the regular assessment proceedings. It is a well settled proposition of law that the block assessment proceedings should be made only on the basis of seized material. Under these circumstances, in our view, the tax authorities are justified in rejecting the claim of availability of agricultural income, when the said claim was not substantiated with any evidence. In the absence of agricultural income, the sources for the excess cash outflow could not be proved and hence the Ld CIT(A) was justified in confirming the assessment of Rs.6,28,882/- as the undisclosed income of the assessee. 10. In the additional grounds, the assessee has rais ..... X X X X Extracts X X X X X X X X Extracts X X X X
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