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2017 (9) TMI 47 - HC - Income TaxUnexplained jewellery - Addition u/s 69A - - statements recorded u/s 131 - as per assessee jewellery belongs to the company M/s Prakash Gold Palace (P) Ltd. in which the assessee is an employee - failure to discharge the burden by assessee - Held that:- Contention raised by the assessee that the jewellery belongs to the company M/s Prakash Gold Palace (P) Ltd. in which the assessee is an employee is not at all acceptable. The assessee Shri.Karun Dutt Singh as well as the company M/s Prakash Gold Palace (P)Ltd. had never established at the time of surveys conducted and during the course of sworn in statements recorded u/s 131 of the IT Act, that the gold seized belongs to the company. In the circumstances, it is decided to assess the value of the gold of ₹ 63,64,123/- in the hands of the assessee, Shri. Karun Dutt Singh as his unexplained investments for the assessment year 2007-2008 after considering all the facts and circumstances of the case. These factual conclusions which were nullified by the First Appellate Authority on an erroneous appreciation of the evidence in the case and it was therefore that the Tribunal re appreciated the entire evidence before it and set aside the First Appellate Authority's order and restored the assessment order. A reading of the Tribunal's order shows that the Tribunal has discussed each and every piece of evidence before it and came to the factual conclusion that the assessee has failed to discharge his burden under section 69A of the Income Tax Act read with section 110 of the Evidence Act. These conclusions, as rightly contended by the learned senior counsel for the revenue, are completely factual and therefore, it does not give rise to any question of law for the consideration of this Court in an appeal filed under Section 260A - Decided against assessee.
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