9911796707
TMI Blog2013 (11) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... eal has been filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 24.5.2005 passed by the Income Tax Appellate Tribunal, Lucknow (hereinafter referred to as the 'Tribunal'). The appeal has been admitted on the following substantial question of law: - "(1). Whether upon the facts and circumstances of the case, the Tribunal was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present appeal are as follows: - The appeal relates to the Block Assessment for the period of Assessment Year 1988-89 to 1997-98 upto 2.4.1997, i.e. the date of the search. A search was conducted on 2.4.1997 in the premises of the assessee. Certain documents, loose papers, cash, jewelery, etc. were found. During the course of search, gold jewelery valuing Rs. 4,47,917.20 was found, but not s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions, which order was also affirmed by the Tribunal. We have heard Sri Shakeel Ahmad, learned counsel for the appellant and Sri Dhananjay Awasthi, learned Senior Standing Counsel for the Revenue. Sri Shakeel Ahmad, learned counsel, submitted that the 27 gold sovereigns (ginnis) found at the time of search, were part of the inventory prepared in Annexure-J and the weight of the 27 gold sov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery, the authorities have rightly treated it to be unexplained investment. We have given our thoughtful consideration to various pleas raised by the counsel for the parties. It is not in dispute that at the time of search when the jewelery was being inventorised, the weight of the 27 gold sovereigns (ginnis) was also included in it, the total aggregate being 1086.200 gms. All the items were menti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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