THE HON'BLE SRI JUSTICE P.SAM KOSHY
AND THE HON'BLE SRI JUSTICE LAXMI NARAYANA ALISHETTY I.T.T.A. No. 352 of 2019 JUDGMENT:(per Hon'ble Sri Justice P.SAM KOSHY) Heard Sri J.V. Prasad, learned Standing Counsel appearing for the appellant. Perused the record.
2. This appeal under Section 260-A of the Income Tax Act, 1961, has been preferred by the Revenue against the order, dt.13.03.2019 passed by the Income Tax Appellate Tribunal, Hyderabad Bench 'B', Hyderabad, (for short "the Tribunal) in I.T.A.No.599/Hyd/2016 for the Assessment Year 2012-13.
3. The challenge primarily is to the so called unexplained jewellery of Rs.5,25,86,550/- found during the course of search. However, upon going through the impugned order of the ITAT, which has affirmed the order of CIT (Appeals), we find that there is a concurrent finding of fact given by the two authorities in the said issue. The CIT (Appeals) at the first instance in paragraph No.6.5 has extensively dealt with the said issue and reached to the conclusion that the finding given by the assessing authority is not justified, particularly, when the returns of the previous years reflect the investment made in gold and jewellery by the 2 assessee periodically. And in the process, the assessing officer was not fair to bring all the investments in the hands of the assessee at one go in the year of search, which has also been discussed by the ITAT while deciding the appeal against the Revenue.
4. In view of the said facts, we are of the considered opinion that since there is a concurrent finding of fact by the CIT (Appeals) as also by the ITAT, we do not find any question of law, much less a substantial question of law for entertaining the instant appeal and the appeal fails. Accordingly, the appeal is rejected. No order as to costs.
Consequently, miscellaneous petitions pending, if any, shall stand closed.
___________________ P.SAM KOSHY, J ___________________________________________ LAXMI NARAYANA ALISHETTY, J 1st November, 2023 vsl/bms 3 143 THE HON'BLE SRI JUSTICE P.SAM KOSHY AND THE HON'BLE SRI JUSTICE LAXMI NARAYANA ALISHETTY I.T.T.A. No. 352 of 2019 (per the Hon'ble Sri Justice P.SAM KOSHY) 01st November, 2023 vsl/bms