2024 (4) TMI 1138

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....Adv Shri Shrey Jain, ADv For the Department : Ms. Sapna Bhatia, CIT- DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- The above captioned appeal by the Revenue and cross objection by the assessee are directed towards the order of the CIT(A) - 28, New Delhi dated 10.07.2020 pertaining to A.Y. 2017-18. 2. Since the appeal and cross objection were heard together, they are disposed of by....

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....n subsequent dates in different business and residential premises of Mahagun Group of Companies. 6. During the course of search and seizure operation at the premises of Mahagun India Pvt Ltd, incriminating documents which were found and seized contained details of commodity trading done by Shri Dheeraj Jain to the tune of Rs. 12.45 crores. Documents so found were confronted to the brother of th....

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.... by the assessee and would never have been disclosed had there been no search proceedings. 9. The Assessing Officer further discarded the contention of the assessee that income is not chargeable under the head income from other sources. 10. Having carefully considered the assessment order, we are of the considered view that the assessee has earned income from commodity trading. Even if the s....

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.... In our considered opinion, transaction reflected on the seized paper represents future contract of purchase and sale of gold and silver on various dates. Since the income has been accepted by the Assessing Officer, it can be safely presumed that the transactions recorded in the seized documents do not have any different character than that reflected on the seized paper and that is income of the a....