THE HONOURABLE SRI JUSTICE P.SAM KOSHY AND THE HON’BLE SRI JUSTICE NARSING RAO NANDIKONDA INCOME TAX TRIBUNAL APPEAL NO.275 of 2008 JUDGMENT: (per Hon’ble Sri Justice Narsing Rao Nandikonda) 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/- and the same was admitted by the appellant in his sworn statement. Pursuant to the same, a warrant of search under Section 132 of the Act, 1961 was issued by the Director of Income Tax (Investigation), Hyde