[ad_1]
(per Hon’ble Sri Justice Narsing Rao Nandikonda)
This appeal is filed arising out of the order, dated
28.02.2008 in IT (SS) A No.65/Hyd/2005 passed by the learned
Income Tax Appellate Tribunal, Bench “B” Hyderabad (for short,
‘the Tribunal’) for the Assessment Years 1997-1998 to 2003-
2004.
2. The brief facts of the case are that the appellant has
been engaged in the business of purchase and sale of gold and
silver articles under the name and style of M/s.Choudhary
Jewellery and Silver Palace. It is stated that as on today, the
appellant is looking after the business as Karta of Hindu
Undivided Family (HUF). While so, a survey was conducted
under Section 133 A of the Income Tax Act, 1961 (for short, ‘the
Act, 1961’) on 21.03.2003 at the business premises of the
appellant and found excess stock of gold and silver articles
worth Rs.47,97,837/- and the same was admitted by the
PSK,J&NNR,J
ITTA_275_2008
appellant in his sworn statement. Pursuant to the same, a
warrant of search under Section 132 of the Act, 1961 was issued
by the Director of Income Tax (Investigation), Hyderabad, which
was executed on the appellant on 21.03.2003 and the same was
finally concluded on 25.04.2003. His statement was also
recorded under Section 132 (4) of the Act, 1961 on 21.03.2003
and again on 26.03.2003, wherein he admitted that there is
excess stock of gold and silver articles worth Rs.47,97,837/-,
which was not disclosed in the regular books of accounts.
[ad_2]
Source link