B. N. MATHUR Vs. INCOME TAX OFFICER.

JUDGEMENT

(1.) THIS is an assesseds appeal arising out of his assessment for assessment year 1982 -83. We have heard the learned counsel for the assessed and the learned Departmental Representative and have perused the material placed before us.

(2.) THE first contention raised in this appeal is about an addition of Rs. 1,61,616 made by the ITO on account of unexplained investment in two silver bars which were found in possession of the assessed on the search of his bank locker No. 64 at the United Commercial Bank, Nizammudin on 20 -1 -1982. The said locker was found to contain two silver bars, one weighting 30.480 kgs. and the other weighting 28.570 kgs. The assesseds Explanation in proceedings under Sec. 132 and in the assessment proceedings has throughout been that the silver bar weighing 30.480 kgs. belonged to Bishamber Nath and Sons, a HUF of which the assessed was the karta and that the other silver bar weighing 28.570 kgs. belonged to the assesseds wife Smt. Indra Mathur. The assessed sought to substantiate this Explanation by relying on the disclosure petitions made by the said HUF and the assessed's wife under the Voluntary Disclosure Scheme 1975. This contention has not been accepted by the authorities below as the weight of the silver bars that were declared under the Voluntary Disclosure Scheme was different from the weight of the bars found during the search. At the hearing before us, the learned counsel for the assessed again stressed upon the same Explanation and took us through the diverse material that has been placed on record to substance this claim.

(3.) A copy of the disclosure petition moved on behalf of the HUF has been placed at page 13 of the paper book. In this declaration two items of property have been declared. One is cash amounting to Rs. 10,144 declared for assessment years 1970 -71 to 1974 -75, the other property declared is silver bar worth Rs. 14,836 for asst. years 1967 -68 to 1969 -70. In this disclosure petition, the weight of the silver bar has been added in hand and in the copy placed before us, it is almost invisible but it is admitted on both sides that the weight of the silver bar was 32.252 kgs. In the disclosure petition moved by Smt. Indra Mathur, two silver bars were declared. They are mentioned at items No. 1 and 2 in the relevant column. Item No. 1 is a silver bar weighing 33.065 kgs. and valued at Rs. 12,362 Item No. 2 is another silver bar weighing 33.062 kgs. and valued at Rs. 17,133 both these items were declared for assessment years 1962 -63 to 1966 -67. In the disclosure petition of the HUF in Column No. 9, which requires information whether the amount of voluntary disclosure income has been credited in the books of account or any other record, it has been stated "still not kept at home and cash Rs. 10,000 deposited into (sic) Rs. 144 is at home." In the disclosure petition of Smt. Indra Mathur, it has been stated that one silver bar was in possession of the Income Tax Department and one silver bar and the jewellery was in self -possession. At the hearing, the learned counsel for the assessed informed us that the silver that was in possession of the Department, continues to be there.