This appeal filed by the Assessee is directed against the order dated 21.12.2016 of the Commissioner of Income Tax (A)- Karnal relating to Assessment Year 2013-14.
The relevant facts as culled from the material on records are as under:
Assessee is an individual stated to be having income from salary and other sources. A search action u/s 132 of the Act was conducted on 09.05.2012 at the residential and office premises of the assessee. AO has noted in the assessment order that during the course of search jewellery of Rs.18,03,066/- was found from the residential premises and jewellary worth Rs 38,33,682/- was found from the locker maintained by the assessee with PNB, Ballabgarh. The statement of the assessee was recorded and he was asked to explain the source of acquisition of jewellary with supporting documentary evidence. The submissions made by the assessee was not found acceptable to AO. AO thus made addition of Rs 56,36,748/-
For more information
|