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TMI Blog2015 (7) TMI 1186X X X X Extracts X X X X X X X X Extracts X X X X ..... arendra Kumar and vice versa to the present assessee and during the course of search itself, the partners in question No. 6 specifically asserted that the stock of M/s. Rajendra Prasad Narendra Kumar is also vailable at the premises of M/s. N. G. Jewellers (assessee). It is also admitted that silver items to the extent of 15.5 kgs. pertaining to stock of M/s. Rajendra Prasad Narendra Kumar was lying at the residence of the partners of the assessee firm at the time of search and on the, same material, this was held to be explained. It has also come on record that stock to this extent was found short at the time of survey simultaneously held at the business premises of Rajendra Prasad Narendra Kumar. Thus, on the said fact that the items used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax appeal under section 260A of the Income-tax Act, 1961 (for short, IT Act ), is directed against the order dated September 9, 2009 passed by the Income-tax Appellate Tribunal, Jaipur Bench 3 , Jaipur (for short, Tribunal ) and relates to assessment year 2006-07. 2. The brief facts, necessary for disposal of the instant appeal, are that the respondent-assessee derives income from the business of trading of gold and silver ornaments and is a partnership firm. A search was carried out at the business premises of the assessee on August 4, 2005 and during the course of search incriminating material was found including loose papers, note books and proceeding under section 153C of the Income-tax Act was initiated. 3. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , deleted this addition as well. 5. The Revenue carried the matter in appeal before the Tribunal who also upheld the order of the Commissioner of Income-tax (Appeals). hence this appeal. 6. Counsel for the appellant contended that at the time of search though stock was found much more than the addition made by the Assessing Officer and to the extent the assessee was unable to explain by acceptable evidence only to that extent, the addition was made. He further contended that there was no explanation at the time of search that the stock related to sister concern and this was merely a claim without evidence. He further contended that whatever stock was found of the sister concern, namely ; Rajendra Prasad Narendra Kumar was stock of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er concern, namely ; M/s. Rajendra Prasad Narendra Kumar is closely related with the partners and there was common business of both the concerns and though the shops are at a distance but the distance between the two concerns is about 100 meters only. The claim that both the concerns being closely related, was proved on the basis of the material found during course of search that the assessee was newly constituted and M/s. Rajendra Prasad Narendra Kumar being an old concern, goods were being transferred from M/s. Rajendra Prasad Narendra Kumar and vice versa to the present assessee and during the course of search itself, the partners in question No. 6 specifically asserted that the stock of M/s. Rajendra Prasad Narendra Kumar is also vailab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d jewellery from the assessee and paid the amount subsequently and even they had confirmed that no amount was outstanding as on the date of search. It is a finding of fact that the Assessing Officer did not call upon the persons who had filed affidavits. It is also a finding of fact that the statements of two persons, namely ; Ghasi Ram and Karan Singh were later on recorded by the Assessing Officer wherein they stated that they had paid the amount prior to the search. When admittedly all these persons have been found to have purchased goods from the assessee and adequate material was placed by the assessee before the Assessing Officer, the Tribunal has analysed the material based on the finding of fact and in our view, this being essential ..... X X X X Extracts X X X X X X X X Extracts X X X X
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