IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN TUESDAY, THE 8TH DECEMBER 2009 / 17TH AGRAHAYANA 1931 ITA.No. 606 of 2009() --------------------- ITA.122/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/RESPONDENT: ----------------------------- C.P.ABDULRAHIMAN, THETTANPATTIL JEWELLERY, PUTHANATHNI, MALAPPURAM. BY ADV. SRI.P.BALAKRISHNAN (E) RESPONDENT(S): --------------- THE COMMISSIONER OF INCOME TAX, CALICUT. ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 08/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & V.K.MOHANAN, JJ. .................................................................... I.T. Appeal No.606 of 2009 .................................................................... Dated this the 8th day of December, 2009. JUDGMENT Ramachandran Nair, J. Heard counsel appearing for the appellant and Standing Counsel appearing for the respondent. Appellant-assessee was engaged in jewellery business in three towns in Malappuram District. Pursuant to a search, block assessment was made, which though was reduced in appeal, was confirmed by the Tribunal on departmental appeal, against which this appeal is filed by the assessee. 2. Counsel contended that the entire credit sales found as income is not tenable. Even though there is logic in the argument that unaccounted turnover should not be treated as business income, we notice that substantial amount of cash was found at the time of search and the stock held by the assessee is substantial quantity of gold jewellery. The finding of the Tribunal essentially pertains to estimation of income based on materials seized on search. We do not 2 find any substantial question of law arising from the order of the Tribunal. Consequently appeal is dismissed. C.N.RAMACHANDRAN NAIR Judge V.K.MOHANAN Judge pms