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2013 (7) TMI 364 - ALLAHABAD HIGH COURTUnexplained investment - Exhibition of diamond jewellery - VDIS produced - Both appellate authorities deleted addition on account of unexplained investment - Held that:- Partners and family members had given the jewellery to the assessee firm only for exhibition - Assessee firm, soon after receiving the jewellery had issued the vouchers - Vouchers were seized during the course of search, so the genuineness of the vouchers can not be questioned - Both the appellate authorities have observed that diamond jewellery studded with gold is the same jewellery which was received by the assessee from partners and family members and the said jewellery was declared by them under VDIS or in wealth tax return before the date of survey/search - Tribunal is final fact finding authority - No reason to interfere with the impugned orders - Decided against Revenue. Surcharge u/s 113 - Tribunal deleted surcharge by holding that the insertion of proviso to Section 113 was not clarificatory in nature - Held that:- Surcharge under Section 113 of the Act is mandatory and is applicable with retrospective effect - Following decisions of CIT Vs. Rajveer Bhatia [2009 (2) TMI 12 - SUPREME COURT] and CIT Vs. Suresh Chandra Gupta [2008 (1) TMI 396 - SUPREME Court] - Decided in favour of Revenue.
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