9911796707
TMI Blog2013 (12) TMI 608X X X X Extracts X X X X X X X X Extracts X X X X ..... n preferred following substantial questions of law:- "(a) Whether the Tribunal below was legally correct in affirming the rejection of the affidavit filed by Sri Ashok Kumar Varshney under Rule 46A of the Income Tax Rule, 1961? (b) Whether in the facts and circumstances of the case, the order of the Tribunal below, confirming the addition of Rs.2,89,693/- on account of two gold biscuits in the hands of the appellant is sustainable in law and is liable to be set aside?" 4. We have examined the orders of the AO, CIT (A) and ITAT and find that all the three authorities have not accepted the explanation of the assessee-appellant that two gold biscuits, which were recovered from the locker of the assessee, did not belong to him. The findings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese gold biscuits were not owned up by Shri Ashok Kumar Varshney at the time of recording his statement while making declaration/surrender of undisclosed income. 8. It appears from the facts that coincidentally some of the item of jewellery found in loose paper dated 14.12.2002 for which the addition in the hands of the assessee's brother was made. The assessee has tried to get the benefit of that addition in his hand without sufficient evidence. We, therefore, find that the CIT (A) has rightly confirmed the addition of Rs.2,89,693/- on account of two gold biscuits found from locker of the assessee. 9. The CIT (A) has noted that the explanations of the assessee is nothing but after thought and the same is being justified in the appeal pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been considered. He further submits that in the explanation before the AO it was clearly stated that the gold weighing 363.35 gm. valued at Rs.2,89,693/- found from Locker No.27A (S. No.5 & 6 of valuation report) was kept for sister Rekha Varshney and deemed belonging to her and therefore, instantly in the statement it was stated to belong to the sister Rekha Varshney. He then explained the source of investment in gold (Ticket) at serial no.5 Gold. He also tried to explain the investment in Annexure A-4 Page 42, which was recovered from the respondent that it relates to Shri Ashok Kumar Varshney and is out of income, which has been declared in the statement under Section 132 (4) and included in the income shown in his return. The investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
