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2021 (4) TMI 405 - MADRAS HIGH COURTVoluntary admission made by the Assessee during the course of search - Whether in the absence of any material evidence produced by the assessee to the effect of sale of jewelry (difference in jewellery found and jewellery admitted in the W.T return) would the onus shift from the assessee to that of the department for proving that utilization of the sale proceeds for the purpose other than investment into money lending business is sustainable? - HELD THAT:- On a perusal of the order passed by the Tribunal in the earlier round [2017 (9) TMI 1925 - ITAT CHENNAI] there was a positive direction to the Assessing Officer to grant certain reliefs to the assessee set aside the order of the CIT(Appeals) and remit the matter to the Assessing Officer with a direction to examine the search document carefully and verify whether cash was available with the assessee and sale proceeds from sale of jewellery etc have been used for acquiring other assets and if not found so, then corresponding credit should be given towards unaccounted money lending business. Assessing Officer is bound to follow the same. Admittedly, the Revenue did not prefer any appeal against the above said order passed by the Tribunal. Therefore, the order and direction binds the Revenue. This fact was noted by the Tribunal in the impugned order and in our opinion, the Tribunal rightly dismissed the appeal filed by the Revenue.
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