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2014 (4) TMI 859 - HC - Income TaxRestriction of addition of excess stock of silver Investment in excess stock of gold jewellery Held that:- As regards the gold jewellery item, the Tribunal pointed out that the degree of error found in the weighing scales, warranting a reasonable deduction of 5% - the weighing of jewellery along with tax was also held to be not bad - the tax could not be included in the stock - as regards the stone studded jewellery 20% rebate as against 10% was allowed as against the Silver articles the Tribunal pointed out that there was an incorrect weighment of silver articles - The available scales could weigh articles only up to 6kgs at a time, whereas the serial numbers of the inventory list of the silver articles indicated the weight of items far exceeding the said upper limit - The order of the Tribunal shows a detailed discussion on the various aspects on the stock seized and the variations worked out by the AO - the appellate authority recorded its findings based on materials and this was considered and confirmed in toto by the Tribunal - the factual finding by the Tribunal is based on material and no exception could be taken to that thus, the question is a pure question of law Decided against Revenue.
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