2016 (3) TMI 92

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing and trading in gold & silver jewellery in the name & style of M/s Mandev Jewellers. There was search & seizure action u/s 132 on the Income Tax Act, 1961 (in short 'the Act') was conducted at the business premises of Shree. Sudhesh Kumar D Mehta on 04/03/2008. During the search 5990.890 gms of gold was found against the entry of 4975 gms in stock register. The excess stock of 1025.890 gms of gold was offered to tax by the appellant during the course of search & seizure and the same was also incorporated in the return of income. 2.1 Similarly, an amount of Rs. 12,83,000/- was found in a bag of Shri. Navin Mody present in the premises and an amount of Rs. 15,81,650/- was found in brief case of the appellant. The cash balance of the boo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pellant held the excess amount of Rs. 65,000/- (Rs. 13,48,000 - 12,83,000 = 65,000/-) found during search to be an unexplained money within the meaning of section 69A of the Act. Regarding disallowance of Rs. 25,801/-, the Ld. CIT(A) issued direction to Assessing Officer to reduce the addition of Rs. 11,000/- on the ground that the assessee has produced certificates u/s 80G in respect of donations given to Seth Shree Motisha Sadharmik Bhati Kendra. 4. Still aggrieved, the appellant is in appeal before us as against the impugned order passed by the Ld. CIT(A). The appellant has challenged the impugned order on following effective grounds:- 1. The learned CIT(A) erred in confirming the addition made by learned ACIT CC-(10), Mumbai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....k, containing the details of donation to M/s Mandev jewelers and submitted that of Rs. 10,000/- was paid to Jain International Trade Organization towards the subscription of patron members because through seminars, exhibitions and other means this organization helped the members in promoting and diversifying the business activities. Other expenses of Rs. 1500+2000+201+1100 amounting to Rs. 4,801/- are small amounts which were spent for business purpose only. 4.3 The Ld. DR on the other hand relied upon the concurrent orders passed by the Assessing Officer and the Ld. CIT(A) submitted that the appeal is not devoid of merit and the same may be dismissed. 4.4. We have heard the rival contention and also perused the material place before ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... he did not produce any document to substantiate the alleged deal. During post search enquiry Shri. Mithaial G. Jain and others corroborated the version of Shri. Navin Mody. Shri. Mithalal G. Jain also furnished a copy of affidavit dated 12/05/2008, submitted to the DIT(Inv) Mumbai confirming transaction of gold with the assessee through his employee Shri. Navin Mody and broker Shri. Bansilal Motilal Bohra. He also furnished the affidavits of Shri. Navin Mody and broker Shri. Bansilal Motilal Bohra in support of his version. The assessee was given opportunity to cross examine the said persons, however, the assessee did not avail the same. The assessee vide letter dated 09/11/2009 claimed that the amount in question had been kept out of his ....