9911796707
TMI Blog2015 (3) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... ents contained in the memo of appeal indicate that necessary opportunity was allowed to the Assessing Officer to meet the stand of the assessee about the ornaments purchased by Shri Chandra Prakash. AO was not justified in not accepting the explanation of the appellant in respect of gold ornaments weighing 241 grams, which the appellant had claimed that the same belonged to the family diety. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax was justified in concluding that the Assessing Officer was not justified in treating the gold ornaments, belonging to the family diety and purchased by Shri Chandra Prakash, as unexplained investment. In appeal giving challenge to that, this Court by order dated 03rd April 2007 settled a substantial question of law in terms that - Whether on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant as well as departmental representative, arrived at the conclusion as under: I hold that the AO was not justified in not accepting the explanation of the appellant in respect of gold ornaments weighing 241 grams, which the appellant had claimed that the same belonged to the family diety. In fact, at the time of search also such gold ornaments were there on the family diety and the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Commissioner of Incometax as noticed above and also the averments contained in the memo of appeal indicate that necessary opportunity was allowed to the Assessing Officer to meet the stand of the assessee about the ornaments purchased by Shri Chandra Prakash. Looking to this factual background, the question framed is answered in terms that adequate opportunity was available to the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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