TaxTMI 
TaxTMI 
2000 (8) TMI 48
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....ibunal was right in law in upholding the addition of Rs. 12,728 as unexplained investment of the assessee in part value of ornaments appearing at Sl. No. 10 of the panchnama ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the contents of the seized papers at pages 63 to 70 of the paper book do not in any manner establish that it represents the papers relating to acquisition of the same items of ornaments which are mentioned at Sl. No. 101 ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the general explanation as to the source as explainable from the cash flow charts cannot be accepted in the absence of some pre....
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....ted that, though sufficient explanation was offered to the Department at the time when the search was carried out and thereafter by producing before the concerned authority details with regard to the inflow of cash from which' the jewellery in question had been purchased by the assessee, the Tribunal did not consider the explanation offered by the assessee and did not look into the record giving details with regard to the sources and the Tribunal had wrongly added the value of the said jewellery in the income of the assessee as per the provisions of section 69A of the Act. It has been submitted by him that the question revolves around item No. 101 forming part of the panchnama which deals with "two rai ful, one pair of butti with jadtar"....
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....erved that, from the seized papers nothing had been found to show that the jewellery referred to hereinabove had been acquired from the sources explained by the assessee. He has further submitted that the Tribunal had not relied upon the cash flow statement which was submitted by the assessee after the search on the ground that the said cash statement was prepared afterwards. It has been submitted by the learned advocate, Shri Shah, that the cash flow statement, which was submitted by the assessee to the Revenue, was prepared subsequently because at the given point of time the assessee was not maintaining regular books of account pertaining to his household expenditure. In the circumstances, with the help of books of account pertaining t....
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.... the amount spent by the assessee during the period commencing from October 21, 1979. According to him, the assessee had not withdrawn substantial amount at the time when the marriage of the assessee's daughter was to take place. According to him, the Tribunal had rightly not considered the statement giving details with regard to cash inflow for the reason that the said statement was prepared after the search operations were concluded. We have heard the learned advocates and have duly considered the facts and circumstances in which that Tribunal had added a sum of Rs. 12,728 in the income of the assessee as per the provisions of section 69A of the Act. Upon a perusal of the relevant record, copies of which have been annexed to the pap....
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.... We are of the view that the Tribunal ought not to have disregarded the statement giving details of cash inflow by observing that the said statement was prepared after the search proceedings had been concluded. Such a statement could have been prepared only after the conclusion of the search because at the relevant time the assessee was not having complete details with regard to the receipts and his household expenditure as he was not maintaining books of account for his household expenses. Had the Tribunal looked into the statement submitted by the assessee, the Tribunal could have surely found that the family was having sufficient cash and there was a possibility that the assessee could have very well purchased the jewellery in question, ....