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2015 (1) TMI 389 - HC - Income TaxDisllowance of gold purchase - undisclosed income - Held that:- From a perusal of the order of the Tribunal, it transpires that the appellant had claimed that he had purchased gold worth ₹ 2,57,000/- from one M/s. Nayan Jewellers, which was forming part of ₹ 8,81,000/-, which was seized by the Custom Authorities on 22.01.2000. From the order of the CIT(A) as well as the assessment order framed by the concerned AO it clearly transpires that despite the fact that ample opportunities being given to the assessee, he could neither offer any satisfactory explanation in that regard nor could he rebut the same. Therefore, the concerned AO, after giving detailed reasons, made addition of ₹ 2,57,000/- which in turn is confirmed by the CIT(A). The Tribunal, while passing the impugned order, has also considered the assessment order framed by the concerned AO as well as the reasoning given by the learned CIT(A) and has sustained the same. We are, therefore, of the opinion that there being concurrent finding of facts and proper evaluation of facts and law - Decided against assesse. Whether on the facts and in the circumstances of the case the Tribunal has substantially erred in confirming the disallowance of loss of ₹ 91,260/- without any discussion or independent reasoning by simultaneously granting relief for allowability of expenditure of ₹ 75,197/- which is already allowed by the CIT(Appeals) - Held that:- it is an admitted position that, though, the expenses of auction, i.e. towards advertisement etc., were initially borne by the Revenue, later on, same was reimbursed by the assessee. We are, therefore, of the opinion that the Tribunal committed no error in deciding question No.2. - Decided in favour of assesse.
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