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2019 (4) TMI 202 - AT - Income TaxAssessment u/s 153A - proof of incriminating material found in search - HELD THAT:- CIT(A) after perusal of the assessment order concluded that during search and seizure operations, books of accounts, document, loose papers etc. were seized. The seized documents and papers are the incriminating material on the basis of which additions have been made. We, therefore, do not find any reason to interfere with the order of the Ld. CIT(A). Unexplained Expenditure on foreign travel - HELD THAT:- AO has estimated unexplained expenditure on foreign tours undertaken by the assessee. Ld. counsel for the assessee has, during course of hearing, drew our attention to the various advertisements by the travel agents in respect of foreign tours offered by them. After considering totality of facts, we are of the view that it would serve the interest of justice if estimate by the AO is reduced to 50%. Therefore, the AO is directed to delete 50% of the additions i.e. ₹ 3,00,000/-, ₹ 5,00,000/-, ₹ 4,97,175/-, ₹ 1,60,060/- & ₹ 8,00,000/- respectively for the A.Ys. 2010-11 to 2014- 15 and rest are sustained in view of the fact that the assessee could not furnish any confirmation of the travel agents. Unexplained investment in jewellery - CIT(A) confirming that the AO was justified in holding that only 100grms of gold jewellery found with the assessee is explained out of the addition of ₹ 29,79,754/- made by the AO towards alleged unexplained investment in jewellery - HELD THAT:- If the total jewellery is calculated as per the board’s circular, the availability would be of 2500 gms. Assessee’s brother Shri Vipin Chouhan has purchased jewellery of ₹ 20 lacs through cheque which is estimated for 450 gms. Thus, the total jewellery of 2950 gms. stand explained whereas jewellery kept in locker belongs to his deceased mother who passed away on 26.9.2010 and the same was in the possession of the wife of the assessee for safe custody because she is the eldest daughter-in-law of the family. If this jewellery is considered then there would be no surplus. We find that assessee was required to prove that jewellery was jointly held and since the jewellery have been recovered from the possession of the assessee, therefore, contention of the assessee could not be accepted. The contention of the assessee that apart from the jewellery covered by CBDT Circular, the assessee has certain jewellery where he has evidences of purchase of the same, this aspect requires verification at the level of the AO. Therefore, we deem it appropriate to set aside the issue back to the file of the AO with direction to the assessee to furnish the requisite evidences in support of the claim Unexplained cash found during the course of search with the family - HELD THAT:- Assessee has contended that the respective cash books have been seized and are verifiable and without verifying the same from the books, the additions are not justified. Considering the rival submissions, we are of the view that this aspect requires verification at the level of the AO. Therefore, we deem it appropriate to set aside the issue back to the file of the AO with direction to the AO to provide the copies of the required records to the assessee and then the AO will decide the issue afresh. The assessee is also directed to co-operate in this regard. Thus, this issue is allowed for statistical purposes only. Unexplained opening capital - HELD THAT:- Assessee has claimed that all the details were furnished before the ld. CIT(A) but she did consider the same. The assessee further submitted that opening balance is out of past savings of the assessee, investment in the partnership firms were verifiable from the books of accounts and bank balances were also verifiable. Therefore, we deem it appropriate to set aside the issue back to the file of the CIT(A) with direction to call for remand repot from the AO on this issue and thereafter, CIT(A) would decide the issue afresh in terms indicated hereinabove. Thus, this issue is allowed for statistical purposes only.
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