TMI Blog2011 (1) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... uded by findings of fact - No substantial question of law is involved – Appeal dismissed - 259 of 2009 , 274 of 2009 - - - Dated:- 24-1-2011 - Yatindra Singh, Prakash Krishna, JJ.. Petitioner Counsel :- R. K. Upadhayay Respondent Counsel :- R.R.Kapoor Cause shown is sufficient. Delay in filing both the appeals is condoned. Delay condonation applications are allowed. These are two appeals in the nature of cross appeals which were heard together and are being disposed of by a common judgment. A search was conducted at the commercial place and the residential place of the assessee on 18th of November, 1998. The assessee is engaged in the business of manufacturing of zippers, shoes, threads and other leather items thro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fact that the Board's instruction No.1916 dated 11.5.1994 speaks about the non seizure of jewellery to the extent of 500 gms., 250 gms and 100 gms in respect of per married lady, per unmarried lady and per male member respectively who are not assessed to tax and not debar the AO to ascertain as to how the such jewellery was acquired by the assessee and whether he had shown in the return of income or not and since the assessee has failed to discharge the onus lay upon him to explain the source of acquisition of the aforesaid jewellery, therefore, the AO had rightly treated the jewellery weighing 1357.600 as unexplained investment u/s 69 of the Act and added to the total income of the assessee. 2. Whether on the facts and in the circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , one of the group of cases covered u/s 132(1) of the Act, filed an application before the Hon'ble Settlement Commission, New Delhi u/s 245C(1) of the Act in the status of AOP and the same has been admitted by the Hon'ble Commission vide order u/s 245D(1) of the Act dated 0.06.2006 and final order u/s 245D (4) is yet to be passed in the case of M/s Empire Estate and not in the case of the assessee. Sri Upadhya submits that the assessee has failed to discharge the burden in respect of the part of the jewellery found during the search. It was for the assessee to prove the source of jewellery. We have given careful consideration to the aforesaid submission of the learned counsel for the appellant but it is difficult to agree with him. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent of the profit of the project with the M/s. Super House Overseas Ltd. The submission of the assessee is that whatever income of M/s. Empire Estate Project is assessed the assessee will be liable to be assessed thereon to the extent of 40 per cent. Para 33 of the order of the Tribunal also shows that the learned authorised representative appearing on behalf of the Assessing Officer also agreed to the suggestions of the Tribunal that the matter may be restored back to the Assessing Officer for passing an order in conformity with the order of the Settlement Commission. In this factual scenario, we do not find that the question nos.3.1 and 3.2 arise out of the order of the Tribunal. Even otherwise also, they are not substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X
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