9911796707
TMI Blog2013 (9) TMI 1274X X X X Extracts X X X X X X X X Extracts X X X X ..... , Kozhikode dated 28-02-3013 for the assessment year 2008-09. 2. The only issue arises for consideration is addition of ₹ 29 lakhs as undisclosed income. 3. Shri A.V. Muralidharan, the ld. representative for the assessee submitted that on 07-11-2007Sulthan Bathery police seized ₹ 30 lakhs from three persons. The above said three persons claimed that the money belonged to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... since the assessee is a small time goldsmith and there is no bill for purchase and sale of gold jewellery. The ld. representative submitted that the assessee has explained before the assessing officer the source for purchase of gold jewellery. The assessing officer disbelieved and made addition of ₹ 29 lakhs. According to the ld. representative, the explanation offered by the assessee has to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) has rightly confirmed the addition. 5. We have considered the rival submissions on either side and also perused the material available on record. Though the assessee claims that he purchased gold ornaments in the neighborhood and sold the same in Bangalore, there is no material to substantiate either the purchase or sale of gold. However, from the assessment order it appears that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... selves that they have advanced money for purchase of jewelleries. As rightly submitted by the ld.DR, there is no occasion for a middleman to borrow money from assessee s own brother and loan the same to the assessee for making investment in the gold jewellery. This kind of explanation clearly shows that the assessee is suppressing the material fact. Therefore, this Tribunal do not find any infirmi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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