RAMA NATHA GADHAVI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) This is an appeal by the appellant-assessee, seeking to challenge the order of the learned ITAT, Rajkot Bench (for short, 'the Tribunal'), Dated : 21.11.2008, rendered in ITA No. 75/Rjt/2007 for the A.Y. 1994-95, whereby, the Tribunal dismissed the appeal filed by the assessee.

(2.) The brief facts leading to the filing of the present tax appeal are that the Ice Factory premises of the assessee, herein, came to be raided by the Revenue on 19.06.1993 conjointly with the police. Since, at the premises of the assessee certain imported items, such as computer parts, air conditioners etc., were were found, the personnel's from Custom Authorities were called and they seized the aforesaid goods, amounting to total Rs. 31,70,000.00. Pursuant thereto, the residence of the brother of the assessee, namely Khimanand Nathabhai Gadhvi, also came to be raided, from where electrical items, i.e. wrist-watches and other electrical goods worth Rs.39,385.00 in all were seized. Hence, the concerned AO assessed the total income of the assessee at Rs. 1,39,69,385.00. Being aggrieved with the same, the assessee approached the learned CIT(A), who, vide its reasoned order dated 09.11.2006. dismissed the appeal of the assessee. The assessee, hence, approached the learned Tribunal, which passed the impugned order dated 21.11.2008. Hence, the assessee preferred the present appeal.

(3.) At the time of admitting this appeal, this Court framed the following question for the consideration;