TMI Blog2004 (6) TMI 299X X X X Extracts X X X X X X X X Extracts X X X X ..... dt. 19th Nov., 1996. As per the revised grounds of appeal, the solitary grievance of the assessee is pertaining to the addition of Rs. 78,000 and Rs. 77,250 totalling to Rs. 1,55,250 as profit from speculation business. 4. The assessee is having the income from cricket satta. A search was conducted at the residential premises of the assessee from 25th to 27th Nov., 1993. On the basis of the seized documents, the AO made the additions of Rs. 78,000 and Rs. 77,250 as net profit from speculation business. During the course of argument, the learned Authorised Representative has submitted that AO had made the double addition, namely, (i) on income basis; (ii) on peak deposits in bank accounts. The income pertaining to the period December, 1992 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for taxation before the AO. Lastly, he made a request that the addition may kindly be deleted. 5. On the other hand, the learned Departmental Representative relied on the orders of the lower authorities and submitted that assessee never made this claim before the lower authorities. 6. After hearing both the parties and on perusal of record, it appears that the Tribunal can grant the relief if it is ancillary to the main grievance of the assessee as per ratio laid down in the case of Orissa Weavers Co-operative Spinning Mills Ltd. vs. CTR (1991) 187 ITR 646 (Ori). 7. In the instant case, the assessee is merely asking the telescoping benefit of the income earned from satta business against the peak which was surrendered and duly assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee against the order of the CIT(A) dt. 8th Sept., 1997. 11. The solitary grievance of the assessee is regarding the addition of Rs. 3.76,391 sustained by the CIT(A). 12. After hearing both the parties and on perusal of record, it appears that in Annex. III to the assessment order, the AO has shown a profit of Rs. 96,655 on 20th Nov., 1993. The learned Authorised Representative submitted that it is not a profit but it is a minus profit, Le., loss. For this purpose, the learned Authorised Representative has drawn our attention to p. 18 of the paper book, which is the photocopy of the note sheet of the assessment record. In the said paper, the speculation was made by the AO pertaining to the cricket match between India vs. South Africa. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esentative relied on the orders of lower authorities. 15. After hearing both the parties and on perusal of record, prima facie we agree with the learned Authorised Representative that the said figure of Rs. 96,655 is the negative figure, i.e., loss and not profit. However, we deem it fit to restore the matter back to the file of the AO for verifying the claim of the assessee and recompute the cash deficit income accordingly but by providing the reasonable opportunity to the assessee. Thus, this appeal is allowed for statistical purposes. ITA No. 1562/Jp/1997 (Revenue's appeal for asst. yr. 1994-95): 16. In this cross-appeal filed by the Department, the first grievance is pertaining to the addition of Rs. 67,000 made on account of unex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e previous grounds. 21. When we accepted the reasons given by the CIT(A) in the previous ground, then for the similar reasons, we approve his order in this regard too. Thus, this ground has no merit and the same is dismissed. 22. The next grievance of the Department is pertaining to the addition of Rs. 38,000 made on account of unexplained investment in gold. 23. During the course of search, jewellery worth Rs. 1.87,989 was treated as explained. The balance jewellery 15.5 tolas was treated as unexplained. The assessee claimed that the said jewellery belonged to mother, Smt. Santosh Devi Kala and was valued at Rs. 72,171. The AO accepted only 8.5 tolas as unexplained and made the addition of the balance amount, i.e., 7 tolas, which com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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