TMI Blog2017 (1) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal is required to be quashed and set aside and the matter is required to be remitted back to the Tribunal for deciding both the matters together as one issue is answered in favour of the assessee. - DB Income Tax Reference No. 6/1996, DB Income Tax Appeal No. 96/2003 - - - Dated:- 22-11-2016 - K. S. Jhaveri And Mahendra Maheshwari, JJ. For the Appellant : N. M. Ranka, N. K. Jain, Siddarth Ranka For the Respondent :Parinitoo Jain ORDER In both the cases application for substitution of LRs are allowed. Amended cause title is taken on record. 1. In both these cases identical questions of law and facts are involved, hence both these cases are decided by this common order. 2. Brief facts of the case are tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars received by him from Bombay. He also stated that he had sold 4 bars out of them and two bars were recovered and confiscated from his shop, 1397 Chandni Chowk, Delhi. The value of this confiscated silver was estimated at about ₹ 3 crores. He stated that he had received this silver from one Hafeez of Bombay whose address he did not know and that the assessee was to earn ₹ 200/ per silver bar or ₹ 30,000/- that he had remitted about ₹ 8 lakhs for the 4 silver bars sold by him. 3. Two questions were referred by the Tribunal to this Court which read as under:- Whether on the facts and in the circumstances of the case, the Tribunal, after construing and interpreting the provisions contained in sec 69A of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al; Manu/UP/02331/2007 (3) Shri Mahendra P. Jain reported in (2008) 220 CTR (Bom.) 81. 5. We have heard the learned counsel for the parties. 6. In our opinion, when the material which has been recovered for the rental premises of the assessee, the same is added to his income as a natural consequence and thus loss by confiscation by the DRI official of the Custom Department is business loss. 7. In view of the decision in Commissioner of Income Tax, Patiala Vs. Piara Singh reported in 124 ITR 41, the issue is required to be answered in favour of the assessee. 8. Therefore, the issue referred by the Tribunal is decided in favour of the assessee. 9. In view of the answer to the reference, penalty order of the Tribunal is required ..... X X X X Extracts X X X X X X X X Extracts X X X X
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