Addition U/s. 69 justified for Excess gold recovered from employees

Fusion-Jewels of South Vs. Dy. CIT & Ors. (ITAT Bangalore) We have also carefully perused the stock summary as on 14-6-2011, the day before the arrest of employees and seizure of jewellery and we find that assessee- firm possess bullion gold of 1412.540 gms, gold 4869.565 gms. and gold labour 4146.680 gms. aggregating to Rs. 10,428.785 gms. It was also explained that the gold labour i.e., gold which is being given either by some other jeweler or the customers for the manufacturing of gold ornaments or repair meaning thereby the gold under the head gold labour does not belong to the assesse...