Principal Commissioner Of Income ... vs Sabbineni Surendra
2023 Latest Caselaw 3489 Tel

       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

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

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