TMI Blog2005 (5) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... at no addition should be made on account of gold jewellery, therefore, the addition of Rs. 46,500 has rightly been deleted by the Commissioner of Income-tax (Appeals). - - - - - Dated:- 12-5-2005 - Judge(s) : Y. R. MEENA., J. R. GOYAL. JUDGMENT The appeal was admitted in terms of the following question: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in reversing the order passed by the Commissioner of Income-tax (Appeals), on account of addition made by the Assessing Officer regarding seized gold ornaments in the absence of panchnama or valuation report, irrespective of the fact that panchnama was prepared at the time of search on September 7, 1989?" A search was conducted i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der: "3.6 The total gold ornaments and jewellery found is 382.5 grams which works out to 32.80 tolas. It needs to be mentioned that neither during the search operations nor during the assessment proceedings the statement of any of the ladies in regard to the jewellery belonging to them and source thereof was recorded. As already stated that after the assessee filed his explanation vide his letter dated September 3, 1992, the learned Assessing Officer did not raise any further query and the assessment was completed thereafter. It has been held by the Assessing Officer, while estimating the household expenses of the assessee that the assessee had a decent standard of living. In other words, the assessee was from a good background. Moreover, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the stones in question? It is noted from the letter dated September 3, 1992, of the assessee, placed in the assessment record, that the assessee had stated that the value of stones was only of Rs. 3,000. It was further submitted, 'these items are still lying with the Department and in the case of any dispute as to its valuation the same may be got valued by the Departmental Valuer'. It was further submitted that the stones found were the assessee's stock-in-trade. It has not been specified by the learned Assessing Officer as to on what basis the value of the stones was determined at Rs. 53,500. There is merit and rational in the submissions of learned counsel of the assessee that in case the Assessing Officer did not agree with the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
