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2014 (4) TMI 894 - HC - Income TaxAssessment u/s 153C - Addition of income from business and jewellery business - Whether the Tribunal is right in confirming the estimated addition of income from business and jewellery business - Held that:- Tribunal held that there was sufficient evidence found at the time of search to show that assessee was having substantial gold and silver jewellery business apart from what was returned by the assessee in books of accounts and there was surplus stock of more than Rs.95 lakhs and odd and the assessee was unable to establish that admission made by him at the time of search was not correct - the AO was justified in estimating the income of the assessee from jewellery business for various years - the AO did not give any reduction for the income returned in the regular returns - Tribunal held that the additions made however took note of the materials gathered and hence were to be sustained - thus, the Tribunal directed the AO to exclude the income of Rs.1,05,528/- and Rs.89,702/- returned by the assessee in the returns filed for 2000-01 and 2001-02 while confirming the addition. CIT(A) was justified in taking the view that the excess stock found at the time of search could be considered for assessment only in the assessment years relevant to the previous year in which the search was conducted – the Tribunal directed the AO to ensure that the amount was included in the income of the assessee in the assessment – the issue is a pure question of fact - there was no factual error in the order passed or no perversity shown in the finding of the Tribunal – thus, the appeal cannot be admitted – Decided against Assessee.
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