TaxTMI 
TaxTMI 
2013 (7) TMI 116
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....Appellate Tribunal (hereinafter referred to as 'the Tribunal') dated June 15, 2012, present Tax Appeal is preferred under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), proposing following substantial questions of law :- "A. Whether in the facts and circumstances of the case and in law the Hon'ble ITAT is justified in deleting the addition of Rs. 10,73,550/....
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.... by elaborate discussion of the issue. It was during the course of the search that such jewellery has been found at the residence of the assessee. The statements of different family members were recorded. The confirmation/ affidavit of the father, mother, wife of the assessee claiming jewellery were also recorded. In such background, the CIT (Appeals) noted that the jewellery belonged to different....
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....sary. 4. As far as questions (B) and (C) are concerned, the same are pursuant to deletion of Rs. 91,17,075/- made by the Assessing Officer on account of interest calculated on the cash loans. During the course of search, certain documents and loose papers were seized and the assessee had made disclosure of huge amount of cash loans given by different persons. Interest on such an amount was added ....
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....tent. Accordingly the addition made at Rs. 91,17,075/- made will be modified by him. With this remarks this ground of appeal is partly allowed." 5. When the Revenue challenged the same before the Tribunal, it on discussion of the findings of the CIT (Appeals) deleted entire sum and interest. This issue again is based on the factual matrix presented before both the authorities as could be noted fr....