2020 (2) TMI 159

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..... ok Pathi For Respondent: Mr. S. Rajesh, Junior Standing Counsel JUDGMENT DR. VINEET KOTHARI, J. The Assessee has preferred this appeal under Section 260A of the Income Tax Act aggrieved by the order dated 16 October 2009 passed by the learned Income Tax Appellate Tribunal Branch "D", Chennai, whereby the learned Tribunal partly allowed the appeal filed by the Revenue and set aside the order pa .....

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..... accept the contention of the learned A.R. Of the Assessee that if the offer of the Assessee is considered to be true then the same has to be telescoped against the excess book stock. It was the onus and duty of the Assessee to prove that there was no discrepancy in the books of accounts as well as in the stock. When the fact of discrepancy of recorded excess purchases has not been disputed then th .....

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..... l questions of law were framed for consideration of the court:- 1. Whether on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the addition of Rs. 42 lakhs is warranted as undisclosed purchases in the hands of the Appellant as per the real income theory under Section 28 of the Income Ta Act, 1961? 2. Whether the Tribunal's finding in pa .....

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..... February 2006, the Assessee himself agreed to additions of Rs. 42 lakhs on account of unproved purchases of gold from various dealers, during the assessment period in question. 4. The learned counsel for the Assessee sought to urge before us that the said admission of the Assessee was not corroborated by any other material on record by the Assessing Authority and therefore, such an admission coul .....

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..... e of assessment proceedings, he seems to have reduced that valuation by the admission letters dated 7 March 2005 and 17 February 2006, to the extent of Rs. 42 lakhs. The Tribunal has upheld the admissions only to the extent of Rs. 42 lakhs in the present case. We do not find any perversity in the said findings of the learned Tribunal based on the admission of the Assessee himself and therefore, we .....

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