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2021 (7) TMI 359 - AT - Income TaxAdditions towards cash unexplained - search proceedings u/s 132 - HELD THAT:- As assessee has explained that the impugned sum was accounted and on due satisfaction only the authorised officer did not seize such sum. Therefore, the impugned addition is uncalled for. In view of the above, the addition made by the A O and sustained by the Ld. CIT(A) , without properly appreciating the facts and circumstances , is directed to be deleted and the corresponding grounds of the assessee are allowed . Undisclosed investment in jewellery found in premises of the assessee - Settlement Commission Order - HELD THAT:- When the assessee furnished a copy of the order of the Settlement Commission before the CIT(A) and pleaded that the assessee has disowned the ownership of the impugned assets and on the other hand his father, Shri. Ravi Kumar Gupta, owned them up before the Settlement Commission, which has duly considered and settled the issue, therefore, the impugned additions in the hands of assessee was opposed to law and the impugned additions are liable to be deleted and relied on relevant case law etc , the impugned direction issued to the A O by the Ld. CIT(A) without appreciating the facts and circumstances properly is not sustainable in law. We find merit in the assessee’s submissions. Since Shri. Ravi Kumar Gupta owned up the assets found in various premises referred to in the order of settlement commission which included the impugned assets found in the assessee’s premises and the settlement commission on due appreciation of the relevant material has accepted and settled the same in the order referred, supra, no part of the said assets could be considered for addition in the hands of the assessee - A O is directed to delete the impugned addition. Assessee’s appeal is allowed.
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