TMI Blog2022 (8) TMI 483X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed assessment order under section 153C read with section 143(3) - CIT(A) did not consider the same because the assessee was not having the place of business and the stock was found as in the locker. It is not a ground to decline the case of the assessee, because capital account, balance sheet, ITR, assessment order reflected the stock and claim to that extent is also liable to be given to the assessee in accordance with law. Hence, it is quite clear that it is not the income of the assessee and stock is not liable to be included as income. Accordingly, the finding of the Ld. CIT(A) is not justifiable, hence, is hereby ordered to be set aside and these issues accordingly are decided against the Revenue and in favour of the assessee. App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appellant u/s. 132(4) of the Act, it was categorically stated that he does not have any shop or office for carrying out his business of jewellery and it is for this very reason that he maintains locker for safe keeping of jewellery. 2.3 The Learned Commissioner of Income Tax (Appeal) failed to consider that the appellant has filed his personal Balance Sheet for A.Y. 2006-07 onwards till A.Y. 2013-14, in which the closing stock of jewellery is duly shown. The appellant craves leave to add, alter, amend or delete any of the above ground or grounds of appeal. The above grounds tire without prejudice to one another. 3. The brief facts of the case are that a search and seizure action under section 132 of the Act was carrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wife of the assessee in sum of Rs.5,29,220/-, the claim of Rs.64,81,580/- was declined and added to the income of the assessee. Feeling aggrieved, the assessee filed an appeal before the Ld. CIT(A) who has allowed the claim of the assessee partly but the assessee was not satisfied on the grounds mentioned above, therefore, filed the present appeal before us. 4. All these issues are interconnected, therefore, are being taken up together for adjudication. Under these issues the assessee is claiming the additional stock of Rs.22,31,445/-. It is not in dispute that during the search of locker the jewellery and ornament worth Rs.70,10,799/- was found. The details are mentioned below: Sr. no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee was not having the place of business and the stock was found as in the locker. It is not a ground to decline the case of the assessee, because capital account, balance sheet, ITR, assessment order reflected the stock and claim to that extent is also liable to be given to the assessee in accordance with law. Hence, it is quite clear that it is not the income of the assessee and stock is not liable to be included as income. Accordingly, the finding of the Ld. CIT(A) is not justifiable, hence, is hereby ordered to be set aside and these issues accordingly are decided against the Revenue and in favour of the assessee. 6. In the result, the appeal of the assessee is hereby allowed. Order pronounced in the open court on 28.04.2022. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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