9911796707
TMI Blog2015 (1) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... filed his return of income for the A.Y. 2000-01. Pursuant thereto, several additions and dis-allowances came to be made by the concerned AO. Being aggrieved with the same, the assessee approached the learned CIT(A), who partly allowed the appeal of the assessee. However, since, the assessee was not satisfied with the order of the CIT(A), he carried the matter before the learned Tribunal, which passed the impugned order, as stated in Para-1, herein above. Hence, the assessee preferred the present appeal raising the following questions; "(1) Whether on the facts and in the circumstances of the case and on application of law to the facts on record in its true perspective, the Tribunal is right in law in upholding the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case the Tribunal has substantially erred in confirming the disallowance of loss of Rs. 91,260/- without any discussion or independent reasoning by simultaneously granting relief for allowability of expenditure of Rs. 75,197/- which is already allowed by the CIT(Appeals)?" 4. Mr. Patel, learned Advocate for the appellant-assessee, invited our attention to the orders of the learned CIT(A) in connection with the proceedings under Section 143(3) of the Income Tax Act, 1961 (for short, 'the Act') as well as the Tribunal and more particularly to Para-4 and 4.1 of the order of the Tribunal dated 25.08.2005. He, further, invited our attention to the letter of the ACIT, Dated : 06.03.2003, addressed to the present assessee and wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e M/s. Nayan Jewellers, which was forming part of Rs. 8,81,000/-, which was seized by the Custom Authorities on 22.01.2000. From the order of the CIT(A) as well as the assessment order framed by the concerned AO it clearly transpires that despite the fact that ample opportunities being given to the assessee, he could neither offer any satisfactory explanation in that regard nor could he rebut the same. Therefore, the concerned AO, after giving detailed reasons, made addition of Rs. 2,57,000/- which in turn is confirmed by the CIT(A). The Tribunal, while passing the impugned order, has also considered the assessment order framed by the concerned AO as well as the reasoning given by the learned CIT(A) and has sustained the same. We are, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputation of income furnished by the appellant for the block assessment period and additions/disallowances were made alongwith charging of interest u/s.158BFA(1) of the Income Tax Act, 1961. One of the disallowance was pertaining to the claim of deduction of Rs. 40,34,898/- on account of gold seized by the Custom Authorities. The appellant preferred first appeal before the learned CIT (Appeals) who confirm the allowances by rejecting the contentions of the appellant. The appellant preferred second appeal before the Tribunal and raised the contentions and explanations supported by documentary evidence on record to impress upon the Hon'ble Tribunal tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
