2013 (9) TMI 1274

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....his appeal of the assessee is directed against the order of CIT(A), Kozhikode dated 28-02-3013 for the assessment year 2008-09. 2. The only issue arises for consideration is addition of Rs. 29 lakhs as undisclosed income. 3. Shri A.V. Muralidharan, the ld. representative for the assessee submitted that on 07-11-2007Sulthan Bathery police seized Rs. 30 lakhs from three persons. The above said....

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....d. representative submitted that no evidence is available since the assessee is a small time goldsmith and there is no bill for purchase and sale of gold jewellery. The ld. representative submitted that the assessee has explained before the assessing officer the source for purchase of gold jewellery. The assessing officer disbelieved and made addition of Rs. 29 lakhs. According to the ld. represen....

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....unbelievable. Therefore, according to the ld.DR, the CIT(A) has rightly confirmed the addition. 5. We have considered the rival submissions on either side and also perused the material available on record. Though the assessee claims that he purchased gold ornaments in the neighborhood and sold the same in Bangalore, there is no material to substantiate either the purchase or sale of gold. Howev....