2018 (2) TMI 423

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....h, A.R. Respondent by : Shri James Kurian, Sr. D.R. O R D E R PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER : This is an appeal by the assessee against the order of the Commissioner of Income Tax(Appeals)-12, Ahmedabad, dated 22/12/2014 for the Assessment Year (AY) 2008-09, on the following grounds: i. That the learned Commissioner of Income tax (Appeals) has erred in law and on fa....

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....e computing the total income. 2. The relevant facts as culled out from the materials on record are as under:- In this case, a search action u/s.132 of the Income tax Act, 1961 was carried out in the group cases of Riddhi Siddhi Group on 22/09/2011. 2.2 During the search proceeding gold, jewellery and other valuable items were found from residence & bank lockers and inventoried. Out ....

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....tional qualification, from relatives, family members and business circle of the parents. (b) on my engagement during F.Y. 2007-08, I have received gold jewellery of about 38 tola, from relatives, friends, business associates and others. (c) I also purchased jewellery aprox, 230 grams out of my withdrawals. (d) I have filed wealth tax return for the A.Y.2008-09 and wherei....

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....ear 2009-10, in which Hon'ble Bench has held that, as under: "We have given a thoughtful consideration to the orders of the authorities below. There is no denial that no incriminating material was found at the time of search proceedings. It is also an undisputed fact that prior to the date of search, the assessee had filed Wealth Tax Returns. The only evidence which came to the notice of ....