9911796707
TMI Blog2017 (9) TMI 1925X X X X Extracts X X X X X X X X Extracts X X X X ..... see, the CIT(Appeals) deleted the addition made by the Assessing Officer - HELD THAT:- It is an admitted fact that no appeal was filed either by the Revenue or by the assessee against this order of the Tribunal. In other words, the order of this Tribunal dated 17.10.2008 has attained finality. Therefore, the Assessing Officer has to examine the search documents and find out whether cash was available with the assessee and sale proceeds of jewellery were used for acquisition of any other asset. If it is not utilised, then corresponding credit should be given to the unaccounted money lending business as directed by this Tribunal. In this case, the Assessing Officer specifically found that there was no evidence for acquisition of other assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able with the assessee and sale proceeds from jewellery and thereafter find out whether the sale proceeds have been used for acquisition of any other asset. If it is not found, then corresponding credit should be given towards unaccounted money lending business. On the basis of this direction, according to the Ld. D.R., the Assessing Officer examined the same and made the same addition as in the original assessment. On appeal by the assessee, the CIT(Appeals) deleted the addition made by the Assessing Officer. According to the Ld. D.R., the CIT(Appeals) ought not to have deleted the addition made by the Assessing Officer. 4. On the contrary, Sh. Philip George, the Ld.counsel for the assessee, submitted that in the first round of litigati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y credit should not be given against cash, if any, which had been drawn from the books or sale proceeds of various items of jewellery. The only restriction can be that cash might have been used for acquisition of some other assets. Therefore, we set aside the order of the CIT(Appeals) and remit the matter to Assessing Officer with a direction to examine the search documents carefully and verify whether cash was available with the assessee and sale proceeds from sale of jewellery etc., have been used for acquiring other assets and if not found so, then corresponding credit should be given towards unaccounted money lending business. Needless to emphasise that the assessee shall be given adequate opportunity of hearing in the matter. 6. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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