TaxTMI 
TaxTMI 
1990 (9) TMI 139
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.... wife of the assessee. This explanation was accepted by the authorities below. However, regarding 7 karas of the value of Rs. 1,91,265 the assessee claimed that it belonged to his mother, who expired in the year 1982. The ITO did not accept his explanation in the absence of evidence and held that the same was assessable as the income of the assessee for the asst. yr. 1986-87 in view of the provisions contained in s. 69A of the Act. As the search took place on4th Feb., 1986which falls in the accounting period relevant to the asst. yr. 1986-87. The CIT(A) has upheld the addition of Rs. 1,91,265 against which the assessee is in appeal before the Tribunal. 2. The CIT(A) asked the assessee to prove that the gold bangles belong to his mother. ....
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.... from his mother. He urged that the statement could not be partly disbelieved and partly believed. It could have been wholly believed in view of the judgment of the Kerala High Court in 76 ITR 355/57-58 and of Gujarat High Court in CIT vs. Amitbhai Gunvantbhai (1980) 19 CTR (guj) 105 : (1981) 129 ITR 573 (Guj). He therefore, urged that the addition should be deleted. 4. We have given our very careful consideration to the rival submissions. In our opinion the ITO was justified in adopting the reasons for making additions as disused in order under s. 132(5). We do not find any irregularity on this account. For the detailed reasons given by the CIT(A) in her order we find merit in this ground by the assessee. So far as the two authorities r....
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....tory contains weight of utensils like steel plates, Dish plates, Balti, Tiffin, Katories, Glasses, Jugs, Katoras, Dongas, Drums Trays, etc. the total weight is 2520.800 kgs. This was valued by the ITO at Rs. 62 per kg. the value of this material was, therefore, arrived at by him at Rs. 1,56,290. Pages 2,3 and 4 of the inventory are in respect of other stainless steel items like spoons of different sizes and uses, pressure cookers, etc. The value of these items has been taken not on weight, but by numbers. Total value of such item has been worked out at Rs. 46,224. Thus, the total value of the stock on the date of search viz.,4th Feb., 1986has been arrived at by the ITO at Rs. 2,02,514. The assessee was stated not to maintain any stock regis....
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....the opening stock in the beginning of the year of the total value of Rs. 1,32,814. This included steel utensils of 483.33 kgs. of the value of Rs. 24,866.50 valued @ Rs. 50 per kg., 1780 kgs. of utensils of the value of Rs. 71,200 valued at Rs. 40 per kg. and 775 kgs. valued at Rs.23,250 valued @ Rs. 30 per kg. He submitted that if the opening stock which was of lesser value was taken into consideration the average rate of purchase would work out to Rs. 47 per kg. and the ITO has wrongly adopted the value @ Rs. 62 per kg. He further pointed out that the ITO while valuing the stock on the date of search has assumed that nothing was left out of the opening stock which was not correct. He, therefore, reiterated the submissions that the value o....