COMMISSIONER OF INCOME TAX Vs. RAMA KRISHNA JEWELLERS

JUDGEMENT

(1.) THIS common decision will dispose of the aforestated income tax appeals filed by the Revenue relating to assessment years 2000 -01 to 2004 - 05 and 2006 -07. As the issues involved are similar, we are disposing of the appeals by this order, though the facts of each individual year have been noticed.

(2.) THE respondent -assessee, a partnership firm, was at the relevant time engaged in jewellery business. The assessee was subjected to search and seizure operation under Section 132 of the Income Tax Act, 1961 (,,Act, for short) on 20th January, 2006. Residential premises of the partners were also searched. Assessment proceedings under Section 153A of the Act were initiated followed by issuance of notice by the Assessing Officer for filing true and correct return of total income. The assessee vide his letter dated 22nd March, 2007 stated that the returns as filed according to the following table be treated as filed in response to notice under Section 153A of the Act: -

(3.) FOR the purpose of record, we note that the assessment year 2005 -06 is not subject matter of the present appeals and is a subject matter of ITA 461/2014. In ITA 461/2014 relating to assessment year 2005 -06, we have issued notice on the addition made by the Assessing Officer of Rs.1,74,17,828/ - for unaccounted sales and Rs.99,88,104/ - on account of unaccounted purchases. Disallowance of 50% expenditure/payments to contractors