2001 (10) TMI 11

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....d March 13, 1984, for the assessment year 1975-76 in the case of the respondent-assessee: "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that Rs. 1,85,000 is not income of the assessee representing from undisclosed sources? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in bifurcating Rs. 1,85,000 being the value of gold ornaments detected in the course of search in the year 1974 relevant to the assessment year 1975-76, to different years? (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in concluding that the assessee could have earned an income of about Rs. 35,000 in the year under assess....

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....,000. The Tribunal held as under: "As far as the assessee-Hindu undivided family is concerned, the fact which the Department is not disputing is that the business is being carried on of pawning, etc., for the last several years and it is quite likely that the assessee-Hindu undivided family could have acquired this gold over the last several years. As per the Departmental valuer's report, the total quantity of gold items of 18.818 kgs. are of a value of Rs. 4,88,712. On this basis, the value of seven kgs. of gold items comes to about Rs. 1,85,000. Since it cannot be said in view of the past assessed results of the assessee Hindu undivided family that Rs. 1,85,000 was earned by the assessee in one year, we are of the view that the asse....

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.... of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." On the one hand, a presumption has been raised by the Tribunal that since the assessee is carrying on the business for a number of years, therefore, he might have acquired the gold in question from the undisclosed income attributable to a number of years during the long period, and, on the other hand, there exists a statutory presumption under section 69A in favour of the Revenue when the explanation furnished by an asses....