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2015 (12) TMI 100 - AT - Income TaxUndisclosed acquisition of the silver jewellery - search proceedings - Held that:- From the details furnished by the assessee we find the assessee is not a wealth tax assessee. There is no direct evidence regarding date-wise purchase of silver articles. There is also no evidence that the agricultural income earned by the assessee and his wife is exclusively utilized for purchase of silver articles/jewellery. Therefore, the plea of the Ld. Counsel for the assessee that no addition is called for is not sustainable. However, it is a fact to be noted that the assessee comes from a very reputed family of Pune and is engaged in the business of medical profession. Therefore, customary gifts might have been received by the assessee on various occasions in the last 35 to 40 years. Further, there is possibility of inheriting some silver items by the assessee from his parents/grand parents and also by his wife from her parents and in-laws. Further, from the rate of silver from A.Y.1981-82 to 2009-10 filed by the Ld. Counsel for the assessee, we find the rate of silver has gone up from ₹ 2,715/- per kg during A.Y. 1981-82 to ₹ 22,230/- per kg during A.Y. 2009-10. Thus there is wide variation in the rate of silver in the last 30 years. Considering the totality of the facts of the case, silver jewellery weighing 12 kgs in our opinion can be considered as reasonably explained. We therefore hold that assessee has duly explained the source of acquisition of silver articles to the tune of 12 kgs out of 21,021 grams found during the course of search. We accordingly modify the order of the CIT(A) and direct the AO to accept the silver articles weighing 12 kgs valued at ₹ 2,40,000/- as explained and make addition of the remaining silver weighing 9,021 grams valued at ₹ 1,80,420/- to the total income of the assessee. We hold and direct accordingly. - Decided partly in favour of assessee.
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