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MARUTHI BABU RAO JADHAV Versus THE DEPUTY COMMISSIONER OF INCOME TAX, CALICUT

2015 (8) TMI 282 - KERLA HIGH COURT

Assessment of cash balance recovered at the time of search - assessment confirmed by the Tribunal rejecting the case of the assessee that the manager of his brother, who is the proprietor of a Jewellery shop, had handed over the above amount on the day previous to the search - Held that:- This was rightly rejected stating that a search was simultaneously conducted in the premises of the brother of the assessee and that nothing was recovered evidencing the payment claimed by the assessee and that .....

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payment was explained by stating that his brother had withdrawn ₹ 3 lakhs from his Jewellery shop and the balance of ₹ 1.70 lakhs was realised by sale of his wife's jewellery. This contention of the assessee was rejected by all authorities stating that the assessee did not maintain any books of accounts regarding receipt of ₹ 4.70 lakhs from his brother. The assessee did not also having any sales tax registration and there was nothing to connect the unexplained investment of &# .....

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ricultural income and no material regarding the agricultural income was also available.

Excess amount of ₹ 6,28,882/- should be treated as loss from business contention was rightly rejected by the Tribunal stating that an amount assessed as investment from undisclosed source cannot be treated as loss from business.

Contention raised by the assessee was that the income determined for the assessment year 1994-1995 to 1999-2000 after giving effect to the order of the CI .....

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NT Antony Dominic, J. The assessee has filed this appeal impugning the order passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.(SS) A.No.01/Coch/2006 pertaining to the block period 01.04.1990 to 15.11.2000. 2. The assessee was engaged in the business of gold and silver refinery at Perintalmanna. There was a search in his business premises under Sec.133A of the Income Tax Act on 15.11.2000. During the search, cash worth ₹ 1.3 Lakhs, 18 gold biscuits and certain documents were .....

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e learned Senior Standing Counsel for the Income Tax Department. 5. The first issue that was canvassed before the Tribunal was regarding the assessment of cash balance of ₹ 1,30,000/- recovered at the time of search. The assessment of this amount was confirmed by the Tribunal rejecting the case of the assessee that the manager of his brother, who is the proprietor of a Jewellery shop, had handed over the above amount on the day previous to the search. This was rightly rejected stating that .....

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77; 4,66,000/- as his undisclosed income. In so far as the balance amount of ₹ 4,70,000/- is concerned, the assessee claimed that the said amount was received from his brother and his brother's source of payment was explained by stating that his brother had withdrawn ₹ 3 lakhs from his Jewellery shop and the balance of ₹ 1.70 lakhs was realised by sale of his wife's jewellery. This contention of the assessee was rejected by all authorities stating that the assessee did .....

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