TaxTMI 
TaxTMI 
1982 (4) TMI 144
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed at the premises of the assessee on 8th Sept., 1976/ 9th Sept., 1976 under s. 132 of the IT Act, 1961 (hereinafter to be referred to as the Act). During the course of search, key No. 202 in respect of locker No. 175 of Punjab National Bank, Khan Market,New Delhiwas seized. The locker is said to have contained jewellery which was valued by the Revenue at Rs. 48,077. The said jewellery was seized. The locker was being held in the bank in the name of Shri Misha Vadera, elder son of the assessee. The ITO in proceedings under s. 132(5) of the Act, made an order on Shri Misha Vadera also in relation to asst. yr. 1977-78. In the said order made us 132(5) of the Act, income from undisclosed sources in lieu of jewellery found and seized was assess....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eferred appeal. Before the AAC of Income-tax (hereinafter to be referred to as the First Appellate Authority), it was contended on behalf of the assessee that the value of 8 items of jewellery seized form the locker was not property done, since there was a difference in valuation of Rs. 26,101. These items of jewellery having been valued at Rs. 27,589 as against their real worth of Rs. 700; that the jewellery did not belong to the assessee but it belonged to one Smt. Tej Kaur Sethi, an old lady of 75 years who had already categorically stated in her statement before the ITO that the jewellery belonged to her and was meant for, to be given to the children of the assessee-appellant at the item of the children's marriages. Reliance was also pl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....oath by the ITO, also on the order dt. 7th Dec., 1976 made in relation to the asst. yr. 1977-78 in the case of Shri Misha Vadea under s. 132/(5) of the Act. Further reliance has been placed on the ratio of the decision of the Hon'ble Allahabad High Court Chandra Krishan vs. CIT (1980)122 ITR 823 (All) and that of the Hon'ble Kerala High Court CIT vs. Smt. P.K. Noorjehan (1980) ITR 3 (Ker) (FB), apart from the reliance on the ratio of the decision of the Hon'ble Punjab and Haryana High Court as was relied upon by the assessee before firsts appellate authority. 8. For the revenue, while supporting the orders of the lower authorities, it has been contended by the ld. Departmental representative that the assessee having not explained the sou....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the ITO, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for assessee for such financial year. 11. A bare reading of the above section makes it abundantly clear that unexplained money under s. 69A of the Act may be deemed to be the income of the assessee of the financial year in which the assessee is found to be the owner of any such unexplained money or else bullion, jewellery or other valuable article, etc. 12. Now,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ooks of account and other documents which purport to be in the handwriting of any particular person of which may reasonable be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwriting and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested." 15. Form the above provisions of law, it flows, that jewellery may be presumed to be belonged to the assessee if it is found in the possession or control of the assessee's but on the stated facts of the assessee's case on the stated facts of the assessee's case. Key No. 202 pertaining to locker No. 175 with the Pun....