2015 (8) TMI 282

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.... SRI.JOSE JOSEPH, SC, FOR INCOME TAX JUDGMENT Antony Dominic, J. The assessee has filed this appeal impugning the order passed by the Income Tax Appellate Tribunal, Cochin Bench in I.T.(SS) A.No.01/Coch/2006 pertaining to the block period 01.04.1990 to 15.11.2000. 2. The assessee was engaged in the business of gold and silver refinery at Perintalmanna. There was a search in his business premis....

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.... cash balance of Rs. 1,30,000/- recovered at the time of search. The assessment of this amount was confirmed by the Tribunal rejecting the case of the assessee that the manager of his brother, who is the proprietor of a Jewellery shop, had handed over the above amount on the day previous to the search. This was rightly rejected stating that a search was simultaneously conducted in the premises of ....

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....of his wife's jewellery. This contention of the assessee was rejected by all authorities stating that the assessee did not maintain any books of accounts regarding receipt of Rs. 4.70 lakhs from his brother. The assessee did not also having any sales tax registration and there was nothing to connect the unexplained investment of Rs. 4.70 lakhs was that of his brother, or the sale of jewellery.....