R.C. JEWELLERS Vs. CIT

JUDGEMENT

(1.) BOTH the present appeals have been filed by the assessee under section 260A of the Income Tax Act, 1961 against the consolidated judgment and order dt. 14 -8 -2008, passed by the Tribunal, Lucknow in ITA Nos. 496/A11/2000 and 214/Luck/2003, for the block period 10 -4 -1987 to 14 -5 -1997.

(2.) ON 17 -10 -2008, a Co -ordinate Bench of this court has admitted the Appeal No. 168 of 2008 on the following substantial questions of law:

(3.) THE brief facts of the case are that the assessee firm is carrying on the business of sale and purchase of gold and silver jewellery. The assessee firm is also engaged in repair and remaking of old ornaments. On 14 -5 -1997, a search and seizure operation was carried out at the business premises of the firm and at the residences of the partners. On the basis of seized material, block assessment for the period mentioned above, under section 158BC, was passed where various additions were made. However, in first appeal, the Commissioner (Appeals) has deleted certain additions. Being aggrieved, the assessee as well as the Department have filed cross -appeals. The Tribunal vide its impugned order has partly allowed the appeal filed by the Revenue and dismissed the appeal filed by the assessee. Not being satisfied, the assessee has filed both the present appeals.