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TMI Blog2013 (7) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... ontemplated under section 41 of the Income-tax Act as also absence of material to indicate deriving of any benefit in cash or otherwise by the assessee, no question of law arises for our consideration - Decided in favour of Assessee. - Tax Appeal No. 531 of 2012 - - - Dated:- 15-1-2013 - AKIL KURESHI AND MS. SONIA GOKANI, JJ JUDGMENT The judgment of the court was delivered by Ms. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd with his assistance examined the material on record. The assessee is running two separate proprietary concerns wherein the activities of cutting and polishing the diamond on the job work basis and activity of export of the diamond are being carried out. Survey under section 133A of the Income-tax Act was conducted on September 9, 2004, and the assessee had surrendered undisclosed income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 41(1) of the Income-tax Act. When challenged before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) was satisfied with the entire records maintained by the assessee. He also deleted the additions made on account of gross profit. What weighed with the Commissioner of Incometax (Appeals) essentially was the substantial amount of Rs. 2.51 crores declare ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it concurred with the findings of the Commissioner of Income-tax (Appeals) and chose not to uphold the second addition as was done by the Assessing Officer. We are of the opinion that the issue is appropriately dealt with by both the Commissioner of Income-tax (Appeals) and the Tribunal who have concurrently held in favour of the assessee based on the material made available to them. The quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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