9911796707
TMI Blog2019 (2) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... e carried out in the premises of various cases of SMC Group on 04.08.2011, including in the premises of the assessee. The Assessee is one of the family members of Shri Sewa Ram Aggarwal, related to M/s SMC Foods Ltd. and its subsidiary company. Cash amounting to Rs. 5,05,550/- and Jewellery valued at Rs. 69,92,195/- were found at the residence of the Assessee, during the course of search proceedings. Vide Assessment Order U/s 143(3) of I.T. Act, dated 29.03.2014, the Assessing Officer ("AO", for short) made additions of the aforesaid amounts of Rs. 5,05,550/- and Rs. 69,92,195/-. The relevant portions of the Assessment Order, is reproduced as under: "4.1.1 During the search operation, cash amounting to Rs. 5,05,550/- was found from premise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply dated 20.02.2014 : "With reference to query to explain the jewellery found during the course of search we would like to draw your kind attention to the working sheet in respect of jewellery found during the course of search and working sheet in respect of jewellery as per wealth tax return of immediate previous assessment year before the date of search, as per which the jewellery as per wealth tax return was Rs. 4,94,89,342/- and jewellery found during the course of search is Rs. 2,84,64,840/-. As such jewellery found during the course of search is less than the jewellery shown in the wealth tax return as such the same needs no intervention". 5.1 I have gone through the above submissions and found no force in it as an amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the residence of the appellant at B-42, First Floor, GK-I, New Delhi including on the person of the family members. The appellant lives in the premises with his wife Smt. Mithilesh Rani, his two. sons Sh. Anurag Aggrawal and Sh. Amit Aggrawal, and his daughter-in-law Smt. Shally Aggrawal (w/o Sh. Anurag Aggrawal). As per the Wealth tax record of these members the value of jewelry disclosed amounted to Rs. 80,40,534/- as on 31.03.2011. In fact, out of the total jewelry of Rs. 69,92,195/- found, only one item valued at Rs. 10,10,275/- was seized. From the documents filed, I find that the said item described as "2 pcs tops with single diamond" weighting 6.100 gms is also duly disclosed in the wealth tax records of Sh. Anurag Aggrawal as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. CIT(DR) supported the additions made by the AO. The Ld. Counsel for Assessee supported the order of the Ld. CIT(A). (5) We find that Cash found from the premises of the Assessee was less than Cash balance of Rs. 5,74,762/- as on 01.08.2011. Further, the total Jewellery valued at Rs. 69,92,195/- found at the residence of the Assessee was less than the Jewellery disclosed by various persons as per Wealth Tax Records as on 31.03.2011, amounting to Rs. 80,40,534/-. We also find that the Jewellery seized, valued at Rs. 10,10,275/- was also duly disclosed in the Wealth Tax Records of Shri Anurag Aggrawal as per valuation report dated 23.03.2011. In view of the foregoing facts, impugned order of the Ld. CIT(A) wherein he deleted the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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