TMI Blog2016 (7) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts and documents found during search would be presumed to be true. In the present fact, if the contents of documents have been found on facts by two authorities to reflect only an estimate for purchase of jewellery and not evidence of purchase of jewellery. Thus presumption would not enable the appellant revenue to convert the documents indicating estimate into the documents of purchase. The authorities have further recorded the fact that no corresponding asset was found during course of search or subsequent proceedings. - Decided against revenue - Income Tax Appeal No. 2432 of 2013, Income Tax Appeal No. 75 of 2014 - - - Dated:- 27-6-2016 - M. S. Sanklecha And A. K. Menon , JJ. Mr. Arvind Pinto for the appellant Mr. Sume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and H. Gandhi 141 ITR 67 and in particular the following observation therein that it is settled position that : In Baladin Ram v. CIT (1969) 71 ITR 427, it has been held by the Supreme Court that it is now well settled that the only possible way in which income from an undisclosed source can be assessed or reassessed is to make the assessment on the basis that the previous year for such an income would be the ordinary financial year. Even under the provisions embodied in Section 68 of the said Act it is only when any amount is found credited in the books of the assessee for any previous year that the section will apply and the amount so credited may be charged to tax as the income of that previous year, if the assessee offers no explan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would not lead to deviation from the principle laid down above for invocation of Section 68 of the Act. This is particularly so as on being asked Mr.Pinto stated that Section 292C of the Act has not been invoked in the present case. (d) In view of the fact that the impugned order has followed jurisdictional Court, no substantial question of law arises for our consideration. Thus not entertained. 4. Regarding question no.(ii) : (a) During course of search certain documents were found in possession of the respondent assessee, one of the document found during the course of search proceedings indicate estimate for purchase of jewellery as recorded in page 8 of the assessment order passed for the assessment year 2007-08. The document i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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