COMMISSIONER OF INCOME TAX Vs. VARSHA GOYAL

JUDGEMENT

(1.) THE Revenue has filed this appeal under s. 260A of the IT Act, 1961 (hereinafter referred to as "the Act") against the referred to as "the Tribunal") in ITA No. 91/Chd/2004 for the asst. yr. 1995 -96. 147/148 of the Act, wherein additions of Rs. 12,500 on account of unexplained investment in shares of M/s Ganesh Benzoplast Ltd. and Rs. 6,93,823 on account of unexplained investment in jewellery, were made towards the income of the assessee being assessable to tax, which had escaped assessment. In this case, a search was conducted on 17th for reopening of the assessment while recording the following reasons :

(2.) PREMISES of M/s Goyal Oil & General Mills group of cases as well as the residential premises of its partners and other family members. During the course of search a large number of books of account documents, share certificates, etc., were found and seized. Examination of the seized records reveals that the assessee has made huge investments in the purchase of shares as well as other movable/immovable assets. The entire transactions do not appear to have been recorded in the books of account. Therefore, I have reason to believe that the assessee's income assessable to tax has escaped assessment. Issue notice under s. 148 of the IT Act."

(3.) IN pursuance of the said notice, the aforesaid reassessment order was passed by the AO.