2018 (12) TMI 529

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....SEL, GOI(TAXES) AND SRI. JOSE JOSEPH SC FOR INCOME TAX For The Respondent : ADVS. SRI. ANIL D. NAIR, KUM. MEKHALA M. BENNY, SMT. MARY JOSSY, SRI. ASISH MOHAN, SRI. G. KRISHNAKUMAR (MALLYA), SRI. P. JINISH PAUL AND SRI. R. SREEJITH ORDER Vinod Chandran, J The appeals are from different orders of the Tribunal pursuant to a block assessment. Search was conducted in the various business premises....

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....r by the assessee was allowed but however, simultaneously notice was issued calling upon the assessee to explain as to the credit of Rs. 1,28,50,000/- representing the capital account of the partners which were also added on for the block period 01.04.1995 to 20.11.2001. ITA No.43/2013 is the block assessment as against Chinnan Sons Jewellers, Palakkad for the block period 01.04.1995 to 20.11.2001....

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....efore this Court in appeals. Some of the appeals filed before this Court were also withdrawn based on the litigation policy. We would first take ITA 122/2013 to understand the issue better. Therein on verification of the stock, excess stock was found to the extent of 17639.686 gms. Sworn statements were taken from the partner who was present in the premises and there was a specific answer given as....

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.... produced returns to show that they had the income to advance money to the firm as found in the books of the firm and they also had the capacity to purchase gold on behalf of the firms. 5. The Assessing Officer found that though there is an explanation offered by the assessee it cannot be believed, since it is a mere device to suppress the income of the firm. The First Appellate Authority on a ve....