Law:

Section:

Section 158B of the Income-tax Act, 1961 - Block assessment in search cases - Undisclosed income - Block period 1-4-1995 to 26-2-2002 - During search conducted at premises of assessee, Income-tax department recovered a voucher which showed certain payment having been made by him to a concern 'M' and also found some jewellery - Assessee denied knowledge of document and contended that 'M' had closed down several years ago - As regards jewellery, assessee contended he had received gifts from friends and relatives on occasion of his 25th marriage anniversary and that apart, his wife being an adopted child, at time of marriage she had received jewellery from adoptive as well as natural parents - Assessing Officer did not accept assessee's explanation and made addition - On appeal, Tribunal, as regards document in question, found that same did not mention any particular year and, therefore, it held that same could not be attributed to block period - As regards jewellery also, Tribunal accepted assessee's explanation and deleted addition - Whether Tribunal was justified in its action - Held, yes R.D. Jolly for the Appellant. K.R. Manjani for the Respondent. ORDER 1. The revenue is aggrieved by an order dated 24-2-2006 passed by Income-tax Appellate Tribunal, Delhi Bench "B" Delhi in IT (SS) 362 (Delhi) of 2004 and IT (SS) 153 (Delhi) of 2005 relevant for the block period 1-4-1995 to 26-2-2002. 2. A search and seizure operation was carried out in respect of Deepsons group of cases which included the assessee. The premises of the assessee were searched on 26-2-2002 and the Income-tax Department recovered a voucher which showed certain payments having been made by the assessee to M/s. Mulberry Silk Affairs. Some jewellery was also found in the premises. 3. Insofar as the document is concerned, the assessee denied knowledge of the document and in addition submitted that the firm M/s. Mulberry Silk Affairs had closed down several years ago. An affidavit was also submitted in this regard. As regards jewellery, the assessee explained that he is from an affluent family and that apart Mrs. Asha Devi, wife of the assessee was an adopted child and she had received jewellery at…

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