ASSISTANT COMMISSIONER OF INCOME TAX Vs. PRAVEEN SALUJA

JUDGEMENT

(1.) Challenge is at the instance of the Revenue. Grievance is against the order passed by the Income Tax Appellate Tribunal, Raipur Bench, Raipur (for short 'the Tribunal') granting relief to the Respondent-Assessee.

(2.) The factual matrix reveals that assessment finalized in respect of year 2007- 2008 as per order dated 31.12.2008 (Annexure A/3) came to be affirmed by the appellate authority vide order dated 30.01.2011 (Annexure A/2). This was sought to be challenged by the Assessee by filing further appeal before the Tribunal which led to passing of the impugned order dated 17.01.2018 (Annxure A-1) whereby relief has been granted to the Assessee directing the Assessing Officer to delete the addition of Rs.1,06,31,248/-. This made the Revenue to challenge the said verdict contending that the unexplained excess stock of gold jewellery/bullion weighing 7.696 Kg valued at Rs.47,79,969/- ad silver jewellery/bullion weighing 227 Kg valued at Rs.43,13,000/- were found and seized. Apart from these, 146 NSCs in the name of various persons of Saluja family were seized alongwith books of account and documents as per Panchnama. Consequently, assessment was completed for the assessment year 2007-08 under Section 143 (3) read with Section 153-B of the Income Tax Act, 1961 on 31.12.2008 by making addition and fixing the figure as to Rs.1,04,86,158/-.

(3.) It is in the said circumstances that the above appeal has been filed, suggesting the following substantial questions of law: