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2005 (5) TMI 42 - HC - Income TaxSearch - addition on account of gold jewellery - "Whether 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?" - Considering the status of the family of the assessee which has been discussed by the Commissioner of Income-tax (Appeals), we see no justification in the order of the Tribunal and we are of the view that 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).
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