2015 (3) TMI 96

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.... the order dated 13th September 2005, the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur arrived at the conclusion that the Commissioner of Income-tax was justified in concluding that the Assessing Officer was not justified in treating the gold ornaments, belonging to the family diety and purchased by Shri Chandra Prakash, as unexplained investment. In appeal giving challenge to that, this ....

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....he first appellate authority i.e. the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax, after hearing learned counsel for the appellant as well as departmental representative, arrived at the conclusion as under: "I hold that the AO was not justified in not accepting the explanation of the appellant in respect of gold ornaments weighing 241 grams, which the appellant had clai....

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....plained investment though the material was available to justify the purchase of the ornaments by Shri Chandra Prakash. The facts mentioned by the Commissioner of Incometax as noticed above and also the averments contained in the memo of appeal indicate that necessary opportunity was allowed to the Assessing Officer to meet the stand of the assessee about the ornaments purchased by Shri Chandra ....