1999 (12) TMI 21

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....the Income-tax Act, 1961 ("the Act"), being aggrieved by the order passed by the Tribunal, Ahmedabad, on January 12, 1999, in Reference Application No. 664 (Ahd.) of 1998. The questions sought to be referred by the Revenue are as under : "1. Whether, the Appellate Tribunal is right in law and on facts in confirming the order passed by the Commissioner of Income-tax (Appeals) deleting the add....

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....or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source 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, s....

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....nce in the form of any notings regarding purchase or making of the ornaments. Except the piece of paper found in the brief case, there was no other material to indicate that there was undisclosed investment in acquiring the ornaments. The Tribunal after hearing the appeal recorded the finding that the Assessing Officer failed to appreciate the explanation submitted by the assessee and decided to m....