Appeal

Even if the Tribunal’s view was different from the one held by the AO and the CIT(A), the finding of facts arrived at by the Tribunal after appreciation of the evidence is not liable to be interfered with in an appeal, as held by GujHC in CIT v Priyank Gem — In favour of: The assessee; Tax Appeal No 2343 of 2010.

Undisclosed income — The Tribunal was justified in deleting the addition on account of diamonds purchased out of an undisclosed source of income since there was enough evidence to suggest that the purchases were made from disclosed sources, as the stock was fully disclosed in the books of accounts in the return of income filed even before the search operation.

Decided on: 9 May 2011.