Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (8) TMI 775 - HC - Income TaxUnexplained investment in Gold - assessee contested against no nexus or proximity between the alleged acquisition of primary gold and the investment in Gold Bond Scheme - Held that:- It is no doubt true that all that was seized was only Gold Jewellery from the premises of the assessee and there is hardly any explanation from the assessee as regards the import of gold using the services of two persons about whom the assessee was not in a position to say anything - There is equally no explanation as regards the keeping of the gold for the period of nine months except for the Finance Minister's speech proposing a Scheme on Gold Bond investment in the course of his Budget Speech on 29.2.1992 for the year 1992-93 but unless and until there is a definite enactment made one could not take advantage of the Minister's Speech to buttress the argument that the import was made consequent on the speech made by the Minister - against the assessee
|