2017 (8) TMI 926

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....t is seen that on 11.06.2002, a search was carried out in the residential premises of the assessee as well as in the business premises of M/s. Universal Institute of Advanced Studies and Research (P) Ltd. The search resulted in the seizure of documents as well as materials, which included gold ornaments. The assessee filed return pursuant to the notice under Section 158BC and accordingly the assessment was completed determining the undisclosed income of the assessee. 4. Among various other items, one of the addition was Rs. 12,29,074/- towards the investment in gold. That addition was sustained by the Commissioner of Income Tax (Appeals). However, the Tribunal deleted the addition and its reasoning contained in paragraphs 35 and 36 of th....

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.... the Assessing Officer towards assessee's family expenses, children education expenses, etc. But the fact that the assessee had earned income in Dubai is supported by the assessment order itself. We find that the assessee had substantial earnings in Dubai and he had been staying with his family in Dubai and had been visiting India frequently. It is quite obvious and natural to come to a conclusion that the assessee would be bringing gold ornaments from time to time to India. The explanation of the assessee satisfies the reasoning of the ordinary humane prudence. The balance of probability is in favour of the assessee. Taking into consideration the inter-national character of the activities carried on by the assessee and his financial st....