9911796707
TMI Blog1982 (4) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... co., Ambala City and M/s.Jagan Nath Co., Chandigarh, and has also interest income from M/s.Deep Chand Aggarwal Sons and M/s. Ambala Pipe Co., Ambala. Before the assessment on the basis of this return was completed, there was a search conducted by the income-tax officials on the residential premises of the assessee on 20th April, 1977. During the course of search, Inter alia, the following assets were found: "(a) One chain with pendant gold :1 Total (b) One gold chain :1 Value is (c) Tops one set of pair :2 estimated (d) Rings :3 at (e) One pair of diamond ear-rings alleged to be artificial Rs.10,000 including diamond ring" The value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rings, four ear tops, four necklaces and four bangles from her parents. The ITO considering that the affidavit of Smt. Anita Rani had not been verified fully by Smt. Shakuntala Devi discarded the affidavit and noticing certain contradiction added the value of Rs. 10,000 to the total income of the assessee treating the entire jewellery as belonging to the assessee. However, the value and source of investment of the jewellery on the person of Smt. Anita Rani which was as per annexure-I was accepted to be fair and reasonable. 4. In appeal, the AAC accepted version of the assessee that the addition on account of the value of these ornaments could not be made in the case of the assessee because his wife who was an income-tax assessee in her o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 69A of the IT Act was attracted and addition was justified. The ld. counsel for the assessee, on the other hand, submitted that before the AAC, the source of the acquisition of the refrigerator had been indicated, that the AAC who has powers co-extensive and co-terminus with that of the ITO had thought it fit to accept the explanation and that there was no evidence whatsoever to show that there was any investment during the accounting period relevant to the assessment year under appeal for which addition could be made. 7. On the above facts, it is clear that if an addition was to be made on account the value of the GEM refrigerator, it could be made under s. 69 only if the assessee had offered no explanation about the nature and sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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