9911796707
TMI Blog2003 (9) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... as to be kept in mind and to that extent, income not chargeable to tax, tax should not be charged on that part of the income. - We agree with Mr. Jhanwar that concealed income should be computed in cases of search in accordance with the provisions of section 158BB and after computing the total concealed income; it should be taxed as per the rates specified for the concealed income, in each year. X X X X Extracts X X X X X X X X Extracts X X X X ..... search than the affidavits submitted, which is on higher pedestal, while arriving at the conclusion? (ix) Whether tax can be levied on the basis of estimation of income when the estimation is too arbitrary and irrational based on surmises and conjectures? (x) Whether, on the facts and in the circumstances of the case, the Tribunal could ignore the documentary evidence, available on the record and place reliance on the purported statement recorded during the course of search, while sustaining additions? (xi) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in placing reliance on statement which are not free from doubt and ambiguity and without being corroborated with an evidence, while coming to the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the material on record, sustained the addition of Rs. 2,28,080 on account of unexplained capital of Smt. Gayatri Devi in the year 1995-96. The second addition of Rs. 1,03,965 sustained was on account of unexplained accretion in capital of Smt. Gayatri Devi and alleged bogus cash creditors. The third addition was on account of unexplained capital of Shri Chain Sukh Rathi to the tune of Rs. 1,78,882. The fourth addition was Rs. 5,94,000 on account of low household expenses shown in the block period. The last addition was Rs. 30,000 on account of unexplained gift from the father. Learned counsel for the assessee submits that addition on this account is only the basis of material seized during the search and therefore, there is no justificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------- 1986-87 1987-88 30,000 18,000 48,000 1987-88 1988-89 30,000 18,000 48,000 1988-89 1989-90 30,000 18,000 48,000 1989-90 1990-91 30,000 18,000 48,000 1990-91 1991-92 36,000 24,000 60,000 1991-92 1992-93 36,000 24,000 60,000 1992-93 1993-94 42,000 30,000 72,000 1993-94 1994-95 42,000 30,000 72,000 1994-95 1995-96 48,000 - 48,000 1995-96 1996-97 48,000 - 48,000 1996-97 1997-98 42,000 - 42,000 (1-4-1996 to 25-9-1996) ----------------------------------------------------------------- The statement to this effect has been recorded and Mrs. Gayatri Devi has stated in her statement that she used to receive Rs. 4,000 to Rs. 6,000 or Rs. 7,000 per month from her husband to meet the household expenses. Considering her statem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the consequential addition will have to be sustained in the hands of the assessee. The next addition is on account of unexplained capital in the name of Chain Sukh Rathi, i.e., the assessee to the tune of Rs. 1,78,882. Chain Sukh Rathi has introduced this capital in the assessment year 1995-96 and no source has been established that this amount should be treated out of disclosed income. The Tribunal has rightly sustained this addition also in the hands of the assessee. The last addition pertains to Rs. 30,000. The assessee has shown the gift from his father. It is true that Rs. 30,000 has been paid by cheque by his father, but there is no occasion for the father to gift this amount to the son. This amount is also rightly treated as und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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