9911796707
TMI Blog2024 (1) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... Briefly the facts are, the assessee is a resident individual. A search and seizure and survey operation under section 132/133A of the Act was conducted on the assessee and other family members as well as the entire group on 04.01.2019. In course of search and seizure operations, jewelleries and three watches were sent for valuation to a registered Valuer. The registered Valuer determined the value of three watches at Rs. 21 lakhs. Whereas, jewelleries were valued at Rs. 9,49,405/-. Apparently, assessee's explanation regarding source of jewelleries was accepted by the Assessing Officer. Insofar as the three wrist watches are concerned, the Assessing Officer called upon the assessee to explain the source of investment made in them. In respons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Value (in Rs. ) 5. Watch with leather strap (HUBLOT) 4,00,000 6. Watch with leather strap (HUBLOT) 7,00,000 7. Watch with leather strap (DEGRISOGONA) 10,00,000 5. The jewelleries and watches were sent for valuation by a Government registered Valuer, who determined the value of watches aggregating to Rs. 21 lakhs. It is apparent, before the Assessing Officer as well as before learned first appellate authority, the assessee has furnished explanation stating that the watches were purchased by them over a period of time and they belong to him and his wife. 6. On a perusal of the Valuation Report, copy of which was placed on record, it is observed that the date of valuation is 04.01.2019. It is further observed, in the Valuation Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable with the assessee in different assessment years are as under: A.Y. Returned Income Profit share from Firm (Exempt Drawings from the firm 2011-12 28,59,478 1,57,06,395 2012-13 80,640 34,25,836 1,48,60,127 2013-14 11,170 1,01,98,729 4,15,95,080 2014-15 7,56,000 74,44,131 4,74,99,012 2015-16 35,28,000 2,79,83,110 3,13,30,171 2016-17 40,03,190 2,42,33,561 1,31,50,567 2017-18 27,09,000 1,62,97,378 3,10,06,856 2018-19 51,23,780 75,14,352 3,87,56,201 2019-20 1,82,640 3,16,64,508 1,72,80,706 Total 1,63,94,420 13,16,21,083 25,11,85,115 8. Credit card expenses incurred by the assessee in different assessment years, are as under: Asst. Year Credit Card Expenses (In Rs. ) 2013-14 39,4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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