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2013 (1) TMI 570 - ALLAHABAD HIGH COURTAddition made u/s 68 - unexplained receipt - assessee could not prove the sale of jewellery - ITAT deleted the addition - Held that:- The assessee had submitted sufficient material and evidence to show that he was in possession of the requisite jewellery as the same was declared under the Voluntary Disclosure of Income Scheme, 1997, which was also accepted and tax was paid. Further, Sri Bishan Chand, partner of M/s. Bishan Chand Mukesh Kumar was examined on oath by AO who categorically stated that he had purchased the jewellery in question from the respondent assessee and had made the payment through bank draft. Assessment under the Delhi Sales Tax Act had also been made on the turnover and further, all the purchases and sales have been accepted by the Assessing Authority under the Income Tax Act while completing the assessment for the instant year under Section 143 (3) - order of the Tribunal does not suffer from any legal infirmity as no unaccounted receipt is confirmed - in favour of assessee.
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