2004 (10) TMI 63

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..... he ornaments and deleted addition of Rs. 1,54,236 which is based on appreciation of evidence and the materials available on the record. It is always open to the Tribunal to accept or discard the statement and in the present case the Tribunal has given cogent reason for accepting the statement made and it cannot be said to suffer from any legal infirmity. We find that the findings recorded by the T .....

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..... ference relates to the assessment year 1975-76. The respondent is a Hindu undivided family. It has earned income from money-lending business and share income from a firm in the past up to the assessment year 1974-75. A search and seizure was conducted at the residential and business premises of the respondent on May 30/31, 1974. It may be mentioned here that the accounting period/previous year rel .....

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..... ted the statement made by Sri Ramesh Chandra regarding ownership of the ornament and it had deleted the addition of Rs. 1,54,236. We have heard Sri Shambhoo Chopra, learned standing counsel for the Revenue. The Tribunal has accepted the statement given by Sri Ramesh Chandra regarding ownership of the ornaments and deleted addition of Rs. 1,54,236 which is based on appreciation of evidence and .....

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