9911796707
TMI Blog2015 (8) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... n gold biscuits - Held that:- Admittedly, during the search, 18 gold biscuits worth ₹ 9,36,000/- were recovered. The assessee surrendered a sum of ₹ 4,66,000/- as his undisclosed income. In so far as the balance amount of ₹ 4,70,000/- is concerned, the assessee claimed that the said amount was received from his brother and his brother's source of payment was explained by stating that his brother had withdrawn ₹ 3 lakhs from his Jewellery shop and the balance of ₹ 1.70 lakhs was realised by sale of his wife's jewellery. This contention of the assessee was rejected by all authorities stating that the assessee did not maintain any books of accounts regarding receipt of ₹ 4.70 lakhs from his brother. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RESPONDENT : SRI.P.K.R MENON (SR.) STANDING COUNSEL FOR INCOME TAX, SRI.JOSE JOSEPH, SC, FOR INCOME TAX JUDGMENT Antony Dominic, J. The assessee has filed this appeal impugning the order passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.(SS) A.No.01/Coch/2006 pertaining to the block period 01.04.1990 to 15.11.2000. 2. The assessee was engaged in the business of gold and silver refinery at Perintalmanna. There was a search in his business premises under Sec.133A of the Income Tax Act on 15.11.2000. During the search, cash worth ₹ 1.3 Lakhs, 18 gold biscuits and certain documents were recovered. Accordingly, the Assessing Officer passed Annexure-A1 order whereby assessment for the block period 01.04.1990 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee claimed that the said amount was received from his brother and his brother's source of payment was explained by stating that his brother had withdrawn ₹ 3 lakhs from his Jewellery shop and the balance of ₹ 1.70 lakhs was realised by sale of his wife's jewellery. This contention of the assessee was rejected by all authorities stating that the assessee did not maintain any books of accounts regarding receipt of ₹ 4.70 lakhs from his brother. The assessee did not also having any sales tax registration and there was nothing to connect the unexplained investment of ₹ 4.70 lakhs was that of his brother, or the sale of jewellery. 7. The third issue was relating to assessment of excess expenditure over ..... X X X X Extracts X X X X X X X X Extracts X X X X
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