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2017 (7) TMI 419 - ITAT CHENNAISearch u/s.132 - gold jewellery weighing 21456.550 grams seized - assessee asserts that it had received as gold deposits from its family members/ relative - Held that:- When the relatives/family members had come forward to file affidavit in support of deposit of gold jewellery and which were in turn supported by VDIS/Wealth Tax returns filed, prior to the date of search, it could never be considered as an after thought. In the circumstances, we are of the opinion that claim of the assessee that 15502 grams of gold represented deposits from its family members and relatives, in our opinion had to be accepted. Since Assessing Officer had accepted only 4437 grams out of it, we delete the addition for the value of the balance of 11065 grams as well. Ld. Assessing Officer is directed to give relief to the assessee to this extent. None of the lower authorities had examined the claim of the assessee that 1042 grams of gold jewellery belonged to goldsmith, whose affidavits were also filed. We are of the opinion that the correctness of claim of the assessee with regard to 1042 grams claimed to be received from the goldsmiths, requires fresh verification. Similarly, claim of the assessee that after excluding stones and converting the jewellery to 91.6% purity actual weight would only be 18302.790 grams also requires fresh look by the ld. Assessing Officer. The ld. Assessing Officer has to verify affidavits of the goldsmiths/ business associates filed by the assessee before coming to the conclusion whether the claim of source for 1042 grams of gold could be accepted. Thus, while deleting the addition for the value of gold jewellery received by the assessee from its family member/ relatives, we remit the issue regarding claim of the assessee on actual weight of jewellery found at the time of search, and source for 1042 grams claimed to have been received from business associates back to the file of the Assessing Officer for consideration afresh in accordance with law. Appeal of the assessee is allowed for statistical purposes.
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