(1.) As both these appeals of different assessment years i.e. 1999-2000 and 2000-01 arise out of the common order of the Tribunal, both are being decided by way of this common order.
(2.) Facts bereft of details need reproduction at the outset. It emerges from the record that on 26th Aug., 2003 at the premises of M/s Kalgi at Old Sharda Mandir Road, Ahmedabad, police had made a raid on account of illegal cricket betting activity. Statements of one Shri Tarun D. Karia and other persons who were arrested by the police, were recorded under s. 131(1A) of the Act. It got revealed that Shri Tarun Karia was an employee of the present appellant Shri Dinesh B. Thakkar and all payments and receipts in cash were made as per instruction of appellant. The warrant of authorization under s. 132A in the name of M/s Kalgi, Shri Tarun Karia and present appellant was issued on 28th Aug., 2003, pursuant to which the cash, gold ornaments and documents were seized, which were handed over to the IT Department.
(3.) Notice under s. 153A was issued on 12th March, 2004 and on due compliance to the same, appellant filed return of income declaring its income at Rs. 1,59,480. On different occasions, notices under s. 143(2) along with questionnaires were issued since various issues had arisen. On considering the replies of the appellant to these issues, the total income of the assessee was assessed at Rs. 5,32,355 where disallowances were made of loss on short-term capital of Rs. 2,50,000 and additions were made on unexplained cash credit.