Law:

Section:

Section 69A of the Income-tax Act, 1961 - Unexplained money - Assessment year 1993-94 - Search and seizure operation was conducted by at residential premises of assessee and jewelleries were seized - Assistant Commissioner passed an order under section 132(5) treating said jewellery as unexplained and held taxable in relevant financial year and also directed that jewellery seized should not be released till final assessment was passed - For relevant assessment year, Dy. Commissioner passed an assessment order under section 143(3) making additions on account of unexplained investment in jewellery under section 69A - Said addition was partly upheld by Commissioner (Appeals); however, addition was deleted in entirety by Tribunal - Assessee, accordingly, approached Commissioner for return of jewellery and amount paid towards tax after assessment order making addition was passed by Dy. Commissioner - Commissioner rejected claim for return of jewellery on ground that said jewellery had been held to belong to family and not just assessee alone and as regards refund of cash deposited, he, without giving any speaking order, rejected said claim - Whether since revenue had not filed any computation chart to show and establish that refund had been adjusted, it should examine case of refund of tax deposited/paid by assessee and pass a speaking order - Held, yes - Whether in view of fact that assessee was ready and willing to furnish no objection certificate from its family members for satisfaction of income-tax authorities, impugned order was to be set aside and quashed and matter was to be remanded to concern Commissioner to pass a fresh order to return jewellery and as well as refund - Held, yes FACTS The Income-tax Department conducted search and seizure operation under section 132 in residential premises of the assessee and seized Jewellery. Thereafter the Assistant Commissioner passed an order treating the Jewellery as prima facie unexplained and taxable and, accordingly directed that the seized assessment should not in relied till the assessment order was finalized- In next financial year, the assessee filed the return. After the scrutiny, the Deputy Commissioner…

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