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2003 (7) TMI 10
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.... question: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in sustaining the addition of 15 tolas gold jewellery in the hands of the appellants being treated as unexplained investment irrespective of the facts that affidavit furnished by the appellant was not disbelieved by the Tribunal?" On February 3, 1993, a search and seizure operation was carried ....
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.... investment in the gold jewellery, found at the time of search and that was treated as the jewellery, belonging to the first wife, Manfuli Devi, and the rest of 15 tolas of gold jewellery was treated as unexplained investment in the hands of the assessee. Learned counsel for the assessee submits that considering the status of the financial position of the assessee, there should be no addition o....
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....tax return. There is nothing on record to show that that part of the jewellery has been disclosed in the wealth-tax return. In the interest of justice, we deem it proper that the Assessing Officer should verify from the wealth-tax return whether the jewellery in question has been disclosed in the wealth-tax return. If that has been shown in the wealth-tax return, that cannot be treated as unexp....