Ita/1153/2009 Of The Commissioner Of Income Tax, Cochin v. M/S. Kallarackal Maharani Jewellers

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 13TH AUGUST 2009 / 22ND SRAVANA 1931 ITA.No. 1153 of 2009() ---------------------- ITA.280/COCH/2005 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT --------------------------------------- THE COMMISSIONER OF INCOME TAX, COCHIN. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): RESPONDENT ------------------------- M/S.KALLARACKAL MAHARANI JEWELLERS, GANDHI SQUARE, PERUMBAVOOR. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 13/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: -------------------------------------------- -------------------------------------------- Dated this the 13th day of August, 2009 JUDGMENT Ramachandran Nair,J. The question raised pertains to addition on account of un-explained source for purchasing stock. However, on going through theorders of the lower authorities we find that the two partners whobrought in cash in their capital account were carrying on individualbusiness in gold and therefore withdrawal was from their personalaccount from those busisness concerns. Since assessee's explanation isaccepted by the two appellate authorities, we do not want to interferewith the finding of fact entered by them. Appeal is dismissed as nosubstantial question of law arises from the order of the Tribunal. (C.N.RAMACHANDRAN NAIR)Judge. (C. K. ABDUL REHIM) Judge.