2015 (9) TMI 1725

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....on of Rs. 24,72,221/- made by Assessing Officer first in Assessment Order u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act;) on 12.05.2011 and, thereafter, in pursuance to assessment order passed u/s 153A/153B/147 of the Act. As the issue involved in both the appeals are same, hence, we proceed to dispose of both the appeals by this common order. 3. Brief facts of the case are that assessee had filed return showing total income of Rs. 1,59,33,480/-. A search and seizure operation was conducted on 11.09.2009 in the residential premises of the assessee at Flat No. 7B/2,3, Alipore Road, Kolkata 27. In course of search and seizure operation in his residential flat along with his brother, Sri Pradeep Kr. Saraogi, i....

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....ms) as per W,T. Diamond Cts as per WT Remarks 1 Sushila Saraogi 210.930 196.804 70.660   2 Raj Kumar Saraogi         3 Pradeep Kr Saraogi 11.030 9.786 6.220   4 Bhagwati Devi Sarawogi         5 Ranjana Saraogi 68.540 63.142 26.990   6 Priyanka Saraogi 9 Nee Dhanuka) 1424.090 1310.792 347.820   7 Shyam Saraogi 145.150 132.894 44.530     Total (B) 1859.740 1713.418 496.220     Total (A+B) 7277,080 6374.056 1005.010   The details of jewellery offered by assessee as undisclosed vide the reconc....

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....arily offerings by assessee) was higher than the jewellery inventorized on search. It was pointed out that the ladies are in the habit of jewellery having different combinations i.e. some part of one set may be mixed with another set and, therefore, item to item reconciliation could not be possible since jewellery inventorized may not be exactly be in the lot as per in the return. Ld. CIT(A) relying on various decisions of Co-ordinate Benches wherein it has been held that jewellery has to be considered on the basis of gross weight even if item to item reconciliation of jewellery was not possible and he deleted the addition. 5. Being aggrieved, Department is in appeal before us and submitted the following grounds of appeal:- "Whe....