RADHA KISHAN SONI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE appeal was admitted in terms of the following question :

(2.) A search was conducted in this case on 7th Sept., 1989, inter alia, jewellery weighing 382.5 gms. was found at the time of search. Before AO, the case of the assessee was that there are three ladies in the family and this jewellery belongs to them. The explanation was rejected and addition of Rs. 1,00,000 was made on account of unexplained investment in jewellery and precious stones.

(3.) IN appeal before the Tribunal, the Tribunal has reversed the finding of CIT(A) on the ground that no Panchnama of valuation report was brought on record, therefore, the deletion of addition by CIT(A) in this regard is bad and the Tribunal restored the addition made by the AO.