2018 (2) TMI 423

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....s 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 facts by not quashing the order passed by the le....

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....led 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 of total jewellery and ornaments, jewellery of 1588.30 grams was owned ....

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....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 wherein total jewellery of 1588.30 grams has been shown. The copy of wealth tax return submitted herewith a....

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....rders 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 the search party were the Wealth Tax Returns filed by the assessee. In our considered opinion, the Wealth Tax Returns of....