2017 (7) TMI 1200

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in the facts of the present case. Tribunal was justified in deleting the addition of 1,72,77,262/- made by the Assessing Officer on account of unexplained investment in stock found during search - Decided in favour of assessee
K.S. JHAVERI And MR. INDERJEET SINGH JJ. For Appellant(s) : Mr. Sameer Sharma for Mr. Anil Mehta For Respondent(s) : Mr. Mahendra Gargia Judgment:- By way of this appeal, the appellant has challenged the judgment and order passed by the tribunal whereby the tribunal has dismissed the appeal of both the department as well as the assessee. The CIT has partly allowed the appeal of the assessee. This court while admitting the appeal on 28.10.2013 has framed the following questions of law:- 1. Whether, the Tribuna .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as no illegal confessional statement obtained y the search party as alleged by the appellant. As already mentioned in earlier paragraphs, the admission of unaccounted cash of ₹ 7.50 lacs by the appellant's brother in the statement u/s 132(4) which was also signed by the appellant was voluntary and without any pressure or coercion. Only when he was not able to explain the source of excess cash of ₹ 7.50 lacs found during search that he admitted the same as unexplained. The appellant or Sh. Pushpendra Pandey were never compelled to make surrender in respect of cash o the basis of incomplete cash back. If the cash books of the two firms namely M/s. Pandy Moorti Kala Kendra and M/s. Pandey Moorti Bhandar were incomplete, the onus wa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hambu And Sons. vs. Commissioner of Income Tax decided on 15.11.1995, the view taken by the Tribunal is required to be reversed. Counsel for the respondent contended that the tribunal has accepted the stock register which was produced by the assessee and in that view of the matter the tribunal has held in his favour. CIT (Appeal) has believed the stock register and statement which was made being not contrary to record and held that the explanation of ₹ 7.50 lacs was in addition to ₹ 3.75 lacs made by the A.O. as unaccounted cash and deleted the same. Taking into account the concurrent finding of both the Courts below, the appeal deserves to be dismissed. Apart from that the judgments cited by the counsel for the appellant will .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X