TMI Blog2015 (1) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following questions; (1) Whether on the facts and in the circumstances of the case and on application of law to the facts on record in its true perspective, the Tribunal is right in law in upholding the addition / disallowance of Rs. ₹ 2,57,000/- made by the Assessing Officer on account of gold purchased from M/s. Nayan Jewellers? (2) 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)? (3) Whether on the facts and in the circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal dated 25.08.2005. He, further, invited our attention to the letter of the ACIT, Dated : 06.03.2003, addressed to the present assessee and which begins with the words that in your statement of income you have shown income of ₹ 10,15,797/- being gold and Indian currency seized by Custom Department. Mr. Patel, therefore, submitted that in view of the fact that the assessee had already disclosed all the facts truly and correctly, question No.1 is required to be answered in favour of the assessee. 5. So far as second question of law framed by this Court is concerned, Mr. Patel placed reliance on a decision of this Court in the case of the present assessee, himself, rendered in Tax Appeal No. 107 of 2004 and prayed that the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, the first question, herein, is answered AGAINST the appellant-assessee and in FAVOUR of the respondent-revenue. 8. Insofar as the second question of law framed, herein, is concerned, it is the case of the assessee that on account of the sale of his gold by the Income Tax department, which was seized by it earlier, he had to bear loss of ₹ 75,197/-, and therefore, the Revenue ought to have allowed the deduction of the same. In above view of the matter, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd to impress upon the Hon'ble Tribunal that claim for deduction of ₹ 40,34,898/- on account of gold seized by the Custom Authorities was an allowable business expenditure under the Income Tax, 1961. However, the Tribunal dismissed the appeal of the appellant. 4. Learned Counsel for the appellant contended that in view of the decision of the Hon'ble Apex Court in the case of Dr. T.A. Quereshi v. Commissioner of Income-tax, Bhopal reported in 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the appellant, the Court is required to answer this Tax Appeal in favour of the assessee. 9. In the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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