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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
P.Sam Koshy, Narsing Rao Nandikonda
Mangaram Choudary HUF – Appellant
Versus
Assistant Commissioner of Income Tax – Respondent
| Table of Content |
|---|
| 1. factual background of undisclosed income case. (Para 1 , 2 , 3 , 4) |
| 2. arguments on definition of undisclosed income. (Para 6 , 7) |
| 3. counterarguments from the income tax department. (Para 8 , 9) |
| 4. court's observations on tax assessment principles. (Para 10 , 11 , 12 , 14 , 15 , 16) |
| 5. conclusion and dismissal of the appeal. (Para 17 , 18) |
JUDGMENT :
Narsing Rao Nandikonda, J.
This appeal is filed arising out of the order, dated 28.02.2008 in IT (SS) A No.65/Hyd/2005 passed by the learned Income Tax Appellate Tribunal, Bench “B” Hyderabad (for short, ‘the Tribunal’) for the Assessment Years 1997-1998 to 2003-2004.
2. The brief facts of the case are that the appellant has been engaged in the business of purchase and sale of gold and silver articles under the name and style of M/s.Choudhary Jewellery and Silver Palace. It is stated that as on today, the appellant is looking after the business as Karta of Hindu Undivided Family (HUF). While so, a survey was conducted under Section 133 A of the INCOME TAX ACT , 1961 (for short, ‘the Act, 1961’) on 21.03.2003 at the business premises of the appellant and found excess stock of gold and silver articles worth Rs.47,97,837/- an
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