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2016 (8) TMI 1451 - AT - Income TaxDeclaration under VDIS - bullion converted from the jewellery was sold by the assessee AND diamonds sold - whether what was sold and declared in the return of income is nothing but the gold and diamond declared in the VDIS, 1997? - HELD THAT:- Since the declaration under VDIS was accepted by the department and therefore there is no dispute on the fact of declaration of the jewellery items valued at ₹ 4,84,100. The assessee produced the bill dt.17.12.1997 issued by Sri Balaji Refinery, Hubli whereby the gold jewellery was converted into bullion. As per the said bill the gross weight of jewellery is shown as 1406.55 gms and net weight is shown as 1249.500 gms which was converted into 1245.200 gms. The items shown in the conversion bill and VDIS declaration do match without any discrepancy. The bullion converted from the jewellery was sold by the assessee vide billdt.18.12.1997. Subsequently, the assessee has also sold the diamonds vide bill dt.16.2.2008. All these records were produced by the assessee before the Assessing Officer. It is manifest from the documents produced by the assessee that the gold jewellery items which were converted into bullion are identical as jewellery shown in the VDIS, 1997. The diamond items are also matching in the weight in carats a shown in the declaration of VDIS, 1997 and purchase bill. Therefore as far as the quantity and items which are declared in the VDIS, 1997 and which are subject matter of conversion and subsequent sale, there is no discrepancy. Thus assessee has established the facts by producing the relevant record that what was sold and declared in the return of income is nothing but the gold and diamond declared in the VDIS, 1997. Accordingly the addition made by the Assessing Officer is deleted and the appeal of the assessee is allowed. - Decided in favour of assessee.
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