2006 (7) TMI 174

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..... referred to this court for its opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal is justified in confirming the Deputy Commissioner of Income-tax (Appeals) decision that the value of gold ornaments of Rs. 1,20,000 which was not accounted for in the books of account of the assessee was assessable in the assessment year 1988-89 instead of the assessment year 1987- .....

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..... offered an explanation and the explanation was accepted by the authorities. Section 69A of the Income-tax Act, 1961 reads as under: "69A. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any so .....

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..... the said money, bullion etc., would be deemed to be income of the assessee for such financial year. In the present case, the assessee made a submission that the money belonged to him from undisclosed source. So far as that finding of the Tribunal is concerned, even if we do not approve the same because under the law an assessee is required to give an explanation relating to the nature and source .....

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