DHANVIDYA A. DALAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) At the instance of the applicant-assessee, the Income-tax Appellate Tribunal has referred the following questions of law for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (for short "the said Act").

(2.) The assessment year involved herein is the assessment year 1984-85.

(3.) On July 5, 1983, there was a search action under section 132 of the Act at the residential premises of the assessee. During the course of search, the authorised officer found cash of Rs. 20,000 and jewellery valued as on that date at Rs. 1,65,670 in a locker. The authorised officer took possession of the cash and the jewellery after leaving certain jewellery worth Rs. 27,000 approximately.