1994 (9) TMI 36

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..... ast ten years and is also an income-tax assessee from the assessment year 1986-87. He has challenged the order dated August 1, 1994, under section 132(5) read with section 132(7) of the Income-tax Act, 1961, passed by the Assistant Commissioner of Income-tax, Circle 3(3), Ahmedabad, whereby it is ordered that due to unsatisfactory explanation given by the petitioner the seized silver was being tre .....

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..... re "J" collectively which throw light as to how the petitioner got money by account payee cheques from different parties. This was explained (in his reply dated March 22, 1994, annexure "J") to the Assistant Director of Investigation. In that reply dated March 22, 1994, in paragraph 3, it is specifically stated as regards the source of income of Rs. 12,30,000 as under: Rs. (a) 4,67,865 Cheque .....

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..... es for getting draft of Rs. 12,30,000 and he has also paid Rs. 3,075 towards commission to the shroff by account payee cheque. Considering the aforesaid facts, it would not be possible to arrive at the conclusion by any standard that the petitioner has failed to explain the source of purchase of silver. It cannot be held that the petitioner was in possession of silver from an undisclosed source. .....

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