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2015 (12) TMI 100 - ITAT PUNE

2015 (12) TMI 100 - ITAT PUNE - TMI - Undisclosed acquisition of the silver jewellery - search proceedings - Held that:- From the details furnished by the assessee we find the assessee is not a wealth tax assessee. There is no direct evidence regarding date-wise purchase of silver articles. There is also no evidence that the agricultural income earned by the assessee and his wife is exclusively utilized for purchase of silver articles/jewellery. Therefore, the plea of the Ld. Counsel for the ass .....

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ate of silver from A.Y.1981-82 to 2009-10 filed by the Ld. Counsel for the assessee, we find the rate of silver has gone up from ₹ 2,715/- per kg during A.Y. 1981-82 to ₹ 22,230/- per kg during A.Y. 2009-10. Thus there is wide variation in the rate of silver in the last 30 years. Considering the totality of the facts of the case, silver jewellery weighing 12 kgs in our opinion can be considered as reasonably explained. We therefore hold that assessee has duly explained the source of .....

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5 - SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM For The Assessee : Shri Nikhil Pathak For The Department : Shri B.C. Malakar ORDER PER R.K. PANDA, AM : This appeal filed by the assessee is directed against the order dated 28-03-2013 of the CIT(A)-II, Pune relating to Assessment Year 2009-10. 2. Facts of the case, in brief, are that a search action u/s.132 of the I.T. Act was conducted in the Kolte group of cases on 22- 08-2008. In response to notice u/s.153A the assessee filed his return of i .....

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of his life time. 3. However, the AO was not satisfied with the explanation given by the assessee. According to the AO, the assessee could not establish and substantiate the sources for the acquisition of the jewellery in form of silver articles. He noted that the silver articles weighing 21021 grams valued at ₹ 4,20,420/- was found at the residential premises of the assessee and the amount expended in acquiring these silver articles was not recorded in the books of account maintained by t .....

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that the assessee is regularly assessed to tax in the capacity of a medical professional and derives agricultural income from the land at village Narve, Taluka Malkapur, District Buldana, Maharashtra. The details of agricultural income declared from F.Y. 1994-95 to 2008-09 was furnished. Sale of agricultural land in F.Y. 1994-95 to F.Y. 1998-99 amounting to ₹ 2,70,000/- was also brought to the notice of the CIT(A). It was submitted that some silver articles have been inherited from his fat .....

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ncome with the investment made by the assessee. Evidences regarding acquisition of silver items and related articles also are not available with the assessee especially when he is not a wealth tax assessee. However, he observed that in the society silver articles are usually received as gifts on different occasions such as marriage, birth of child, festivals etc., and further the same is also inherited from parents/grand parents for which there may not be any direct evidence. However, he held th .....

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on of the Bench to the agricultural income of ₹ 1,89,900/- derived by the assessee from A.Y. 2003- 04 to 2009-10. Referring to page 92 of the paper book he drew the attention of the Bench to the agricultural income of wife of the assessee Smt. Pramila Kolte at ₹ 2,78,850/- from A.Yrs. 2003-04 to 2009-10. Referring to page 93 of the paper book the Ld. Counsel for the assessee drew the attention of the Bench to the rate of silver from F.Y. 1981-82 to 2009-10 according to which the rate .....

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f search. He accordingly submitted that no addition is called for. 8. The Ld. Departmental Representative on the other hand heavily relied on the order of the CIT(A). He submitted that the Ld.CIT(A) after considering the surrounding circumstances including the background of the assessee has reasonably given credit of 5 kgs of silver articles out of 21 kgs of silver articles found during the course of search, therefore, no further relief is warranted in the instant case. He accordingly submitted .....

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tion given by the assessee regarding the source of such acquisition the AO made addition of ₹ 4,20,420/- to the total income of the assessee. We find in appeal the Ld.CIT(A) considering the family background of the assessee as well as surrounding circumstances gave credit of 5 kgs of silver articles valued at ₹ 1 lakh as reasonably explained and thus sustained the balance amount of ₹ 3,20,420/-. It is the submission of the Ld. Counsel for the assessee that considering the agric .....

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