2018 (8) TMI 1416

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....als and are disposing them off by this consolidated order. 2. Facts relevant to ITA No.4645/Del/2015 are that a search and seizure action was taken u/s 132(1) of the Income-tax Act, 1961 (hereinafter also called `the Act') on 10.01.2012 at the business as well as the residential premises of Minda Group. The assessee is part of Minda Group holding interest in the group companies. During the course of search and seizure operations conducted at the residential premises of Shri Shishir Agrawal and Shri Roshan Agrawal (appeals of these two assessees are under consideration) certain restraint orders were passed in respect of two lockers No.101 and 150 by HDFC Bank belonging to them. These lockers were later on searched. During the course of sear....

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....nue has come up in appeal before the Tribunal. 3. We have heard both the sides and perused the relevant material on record. It is an undisputed fact that during the course of search conducted in 2012, 100 gold bars weighing 1 kg. each were found. 43 certificates of gold bars dated 22/23.09.2009 were seized. The assesses made out a case before the authorities that they declared income in respect of 114.5 kgs. of gold during the course of earlier search in 2009 before the Settlement Commission. A copy of order passed by the Settlement Commission was produced before us, from which it is evident that both the assessees under consideration declared income in the speculation of commodities etc. and also investment of such income in 114 (33 + 81)....