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ANOOP SHARMA, M.A.AJINKYA
Shashikant M. Zaveri – Appellant
Versus
Sixth Income-tax Officer – Respondent


Advocates Appeared:
V.B. Haribhakti,Keshav Prasad

ORDER

M. A. AJINKYA, ACCOUNTANT MEMBER - This is an appeal by one Shashikant M. Zaveri for the assessment year 1985-86. Although several grounds are taken in this appeal, broadly speaking, the assessee objects to the addition of Rs. 69,59,039 made by the ITO under section 69A of the Income-tax Act, to the addition of Rs. 92,000 made by the ITO as cash seized from the family and to the addition of Rs. 2,14,300 made by the ITO to the business income of the assessee, all of which have been confirmed by the Commissioner (Appeals) in his order dated 25th November 1988.

2. The facts of the case are as follows: The appellant, Shashikant M. Zaveri, was staying with his mother and four brothers in the rented premises at Flat No. 1, Sital Bhavan, Sital Baug, Walkeshwar, Bombay-6. There was a search and seizure operation under section 132 of the Act conducted by the Income-tax Department on 25th and 26th July 1984 at the residence of the appellant when jewellery, diamonds, precious stones, cash and FDRs were seized. The value of the jewellery, diamonds, precious and semi-precious stones was initially determined by the Income-tax Department at Rs. 59,41,123. This valuation was modified and valua



























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