2013 (11) TMI 1038

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dent : S.C. ORDER The present appeal has been filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 24.5.2005 passed by the Income Tax Appellate Tribunal, Lucknow (hereinafter referred to as the 'Tribunal'). The appeal has been admitted on the following substantial question of law: - "(1). Whether upon the facts and circumst....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... course of search." The facts giving rise to the present appeal are as follows: - The appeal relates to the Block Assessment for the period of Assessment Year 1988-89 to 1997-98 upto 2.4.1997, i.e. the date of the search. A search was conducted on 2.4.1997 in the premises of the assessee. Certain documents, loose papers, cash, jewelery, etc. were found. During the course of search, gold jewe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ioner, Income Tax (Appeals) who did not accept his submissions, which order was also affirmed by the Tribunal. We have heard Sri Shakeel Ahmad, learned counsel for the appellant and Sri Dhananjay Awasthi, learned Senior Standing Counsel for the Revenue. Sri Shakeel Ahmad, learned counsel, submitted that the 27 gold sovereigns (ginnis) found at the time of search, were part of the inventory p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tretch of imagination, it can be treated as item of jewelery, the authorities have rightly treated it to be unexplained investment. We have given our thoughtful consideration to various pleas raised by the counsel for the parties. It is not in dispute that at the time of search when the jewelery was being inventorised, the weight of the 27 gold sovereigns (ginnis) was also included in it, the t....