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2019 (11) TMI 627 - AT - Income TaxUnexplained investment in jewellery found during the course of the search - violation of principles of natural Justice - HELD THAT:- We have deliberated at length on the issue under consideration and, are of the considered view that the unsubstantiated ‘valuation report’ of the government approved valuer, the authenticity of which had never been scrutinised and, therein verified by the department, can in no way support the claim of the A.R, that the jewellery found during the course of the search proceedings was acquired by the assessee from his explained sources. A.R could not draw our attention to any such document/records, which would lend credence and justify the veracity of the said valuation report. It is not the case of the ld. A.R, that the assessee and his family members were being assessed to wealth tax and, the aforesaid ‘valuation report’ containing the details as regards the gold/diamond jewellery held by the assessee and his family members was furnished with the department in the course of any such proceedings. In our considered view, the stand alone and unsubstantiated ‘valuation report’ of the government approved valuer, would in no way assist the assessee for characterising the jewellery found from his residential premises/lockers, as an investment made by him from explained sources. We thus not being able to persuade ourselves to accept the contention advanced by the ld. A.R, that the lower authorities had erred in treating the jewellery found from his premises/lockers during the course of the search proceedings, as an unexplained investment in the hands of the assessee, thus reject the same. Accordingly, finding no infirmity in the order of the CIT(A) - Decided against assessee
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