1999 (12) TMI 688

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...., to the tune of Rs. 2,82,487 in toto, despite the fact that the ITAT has upheld addition in respect of concealed income to the tune of Rs. 12,728 and addition of Rs. 19,853 has been set aside for verification of the Assessing Officer." 1. The Assessing Officer after initiating penalty proceedings worked out the concealed income at Rs. 3,54,822. However, in the quantum appeal, the ITAT allowed substantial relief and thus assessed income was reduced to Rs. 2,46,753 as against returned income of Rs. 2,33,089. Consequently, concealed income for purposes of section 271(1)(c) was reduced to Rs. 12,728 by the ld. CIT(A). In respect of addition of Rs. 19,853, the matter was set aside by the ld. CIT(A) and no fresh order has been passed till the t....

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.... items of jewellery appearing at Sr. No. 101 valued in the Panchnama at Rs. 18,500. The ITO has accepted the explanation to the extent of Rs. 5,772 which represents the payment for purchase of some moti etc. purchased as per a regular bill for Rs. 5,772 (page 63 of PB), the payment of which was made by cheque. The balance amount of Rs. 12,728 is included in the total addition of Mamtaben's ornaments to the tune of Rs. 66,452. It was explained that these items were got made from the materials purchased out of family funds and withdrawals shown in the cash flow chart. The acquisition is proved from seized papers, copies thereof are lying at pages 63 to 70 of the paper book. We have examined those documents and have tried to compare it with th....