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2022 (8) TMI 483 - AT - Income TaxValidity of search proceedings - Treatment of jewellery found in locker as the stock in trade of the appellant - As in search of locker the jewellery and ornament worth Rs.70,10,799/- was found - HELD THAT:- The demand raised was on the basis of return of income. The statement recorded under section 132(4) dated 09.11.2012 while giving the answer to question No.18, the assessee has accepted the jewellery worth Rs.28 lakhs that includes stock of business as he was operating the business on small scale basis. The AO did not consider the statement of the assessee and also did not consider the capital gain, balance sheet, ITR and passed assessment order under section 153C read with section 143(3) - CIT(A) did not consider the same because the assessee was not having the place of business and the stock was found as in the locker. It is not a ground to decline the case of the assessee, because capital account, balance sheet, ITR, assessment order reflected the stock and claim to that extent is also liable to be given to the assessee in accordance with law. Hence, it is quite clear that it is not the income of the assessee and stock is not liable to be included as income. Accordingly, the finding of the Ld. CIT(A) is not justifiable, hence, is hereby ordered to be set aside and these issues accordingly are decided against the Revenue and in favour of the assessee. Appeal of the assessee is hereby allowed.
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