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2009 (11) TMI 346 - KARNATAKA HIGH COURTSearch and Seizure- During the course of seizure the Assessing Officer seized the cash and diamond. The diamonds were valued by the approved valuer. Based on the valuation report, the value of the diamonds was also brought to tax. The Commissioner (Appeals) disallowed the appeal filed by assessee but the Tribunal deleted the unaccounted cash of Rs. 5,61,967. Held that- (1) what was the value of diamonds seized during the course of search was a question of facts. thus, unless and until the Revenue was able to prove that the appreciation of evidence by the Tribunal was erroneous and illegal the court could not interfere with the findings. Thus the findings of the Tribunal that the diamonds should be valued at an average was a finding of fact. (2) the Tribunal had accepted the loose slips which were seized during the course of search. But the Assessing Officer had come to the conclusion that the accounts were manipulated subsequent to the search. The same had not been properly considered by both the authorities. Therefore, where the cash seized from the assessee amounting to Rs. 5,61,967 was taxable or not had to be re examined by the Assessing Officer by giving reasonable opportunity to the assessee.
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