HARISH DARGAN Vs. COMMISSIONER OF INCOME TAX DELHI

JUDGEMENT

(1.) THE Revenue is aggrieved by an order dated 31st October, 2006 passed by the Income Tax Appellate Tribunal, Delhi Bench E , in IT (SS) A No. 359/del/2003 relevant for the block Assessment Years 1991-92 to 2001-2002.

(2.) THE Assessee is the proprietor of M/s Sona Jewellers and is also a director in M/s Hira Jewellers.

(3.) ON the morning of 2nd February, 2001, the Assessee was intercepted at delhi Airport by the Intelligence Wing of the Income Tax Department and was found to be carrying Rs. 18 lakhs in cash. His statement was recorded under section 131 of the Income Tax Act, 1961 (the Act) and he stated that approximately Rs. 4 lakhs was available with his proprietary concern M/s Sona jewellers. He stated that he was carrying Rs. 18 lakhs in cash since he was going to Bombay for purchasing diamonds for M/s Sona Jewellers.