1994 (3) TMI 46

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....2) of the Income-tax Act, 1961, relates to the income-tax assessment of Ram Kumar Soni as a Hindu undivided family for the assessment year 1975-76. The other applications relate to the wealth-tax assessment of Ram Kumar Soni as a Hindu undivided family during 1966-67 to 1975-76. On the death of Ram Kumar Soni, his legal representatives have been impleaded as respondents. The family of Ram Kumar Soni is a goldsmith family conducting pawnbroker and money-lending business. The premises of the assessee was raided by the officers of the Central Excise Department on October 22, 1974, and gold and silver ornaments were seized from the front room of the house and from underneath the floor of the first room. Silver slabs weighing 101 kgs., silver....

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....r 1975-76 holding that silver ornaments weighing 103.5 tolas and gold ornaments weighing 140 tolas were acquired by the Hindu undivided family in the assessment year 1975-76. Deduction was also given in regard to the previous karta. Thereupon, the Revenue filed an application seeking reference of the questions of law relating to silver ornaments weighing 103.5 tolas. The Tribunal dismissed the application. In parallel proceedings, the statutory authorities under the Income-tax Act applied their minds to the questions in controversy. The Income-tax Officer completed his assessment treating the entire gold and silver seized as belonging to the Hindu undivided family. In appeal by the assessee, the Commissioner modified the order and reduce....