2014 (11) TMI 1234

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....EL, ADVOCATE for the Opponent(s) No. 1 ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By way of this appeal, the appellant has challenged the judgement and order dated 16.03.2005 passed by the Income Tax Appellate Tribunal, Rajkot Bench in Income Tax Appeal No. 40/RJT/2000 for the assessment year 1994-95. 2. The appeal was admitted by this Court for consideration of the foll....

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....ing aggrieved by the order of learned CIT(A), the appellant preferred appeal before the Tribunal. The Tribunal dismissed the appeal by disregarding the contention of the appellants on facts as well as in law. 4. This appeal was ordered to be heard with Tax Appeal No. 107 of 2004 which has already been decided by this Court vide judgement dated 16.10.2014 wherein this Court has passed the follow....

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....ellery. On 12.01.1999, a search was carried out on the residential as well as the business premises of the appellant and substantial quantities of bullion was found and seized by the Income Tax Department. On 18.01.1999, notice under Section 158BC was issued and in response, the return for the block period was furnished on 04.03.1999 by the appellant disclosing the total undisclosed income at Rs. ....

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....n the Hon'ble Tribunal that claim for deduction of Rs. 40,34,898/- on account of gold seized by the Custom Authorities was an allowable business expenditure under the Income Tax, 1961. However, the Tribunal dismissed the appeal of the appellant. 4.Learned Counsel for the appellant contended that in view of the decision of the Hon'ble Apex Court in the case of Dr. T.A. Quereshi v. ....