2012 (6) TMI 651

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Ramachandran Nair, J. - Heard the learned senior counsel Dr. K.B. Mohamed Kutty appearing for the appellant and learned Standing Counsel for the respondent. 2. Both the appeals arise from block assessment completed after search on the appellant/assessee who was a dealer in Gold ornaments. During search conducted by the department, unaccounted gold was recovered and the assessee was required to e .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... letters. The appellant was granted substantial relief in CIT (Appeal) against which assessee as well as the department filed appeals before the Tribunal. The Tribunal dismissed the said appeals, but remanded the Revenues Appeal for the reason that CIT (Appeal) has not considered the assessment order on the basis of the materials on which the assessment is made. 3. So far as the appeal filed again .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... g which the value of gold is to be assessed as unaccounted income. Assessee's attempt to prove the source of the gold seized through the 27 goldsmiths miserably failed before the 3 authorities, namely the Assessment Officer, the first appellate authority as well as the Tribunal. We do not find any reason to interfere with the findings of the Tribunal on the additions made based on recovery of gold .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X