TMI Blog2018 (2) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... In our considered opinion, the Wealth Tax Returns of the Group, by any stretch of imagination, cannot be considered as incriminating material in the hands of the assessee. Except for this, there is nothing on record to suggest any incriminating material/document/evidence - We allow the appeal of the assessee and direct the Assessing Officer to delete the addition. - I.T.(SS)A. No.28/Ahd/2015 - - - Dated:- 20-9-2017 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER And SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Appellant by : Shri P.D. Shah, A.R. Respondent by : Shri James Kurian, Sr. D.R. O R D E R PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER : This is an appeal by the assessee against the order of the Commissioner of Income Tax( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As per annexure to notice u/s.142(1) of the Act dated 14/03/2014, assessee was asked to furnish details with regard to jewellery found during search proceeding u/s.132 of the I.T. Act like copy of wealth tax return, details of acquisition of said jewellery alongwith supporting documentary evidences. 2.3 In response to notice u/s.142(1), the assessee vide her submission dated 26/03/2014 comply the issue. Abstract of submission, as under: (a) since 01/04/2005, I was holding 110 tola of gold ornaments and which were received on various occasions viz birth, birth dates, religious functions social functions, marriage functions in the family, attainment of educational qualification, from relatives, family members and business circle of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the search party were the Wealth Tax Returns filed by the assessee. In our considered opinion, the Wealth Tax Returns of the Group, by any stretch of imagination, cannot be considered as incriminating material in the hands of the assessee. Except for this, there is nothing on record to suggest any incriminating material/document/evidence. Hon ble Bench further held that as under: Drawing support from the judgments mentioned elsewhere, we do not find any legality in the assessment so made by the AO. We have no hesitation to set aside the findings of the ld. CIT(A) and direct the AO to delete the impugned additions. In our considered opinion, the assessments made without any incriminating material is illegal and bad in law and are accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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