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2021 (6) TMI 1145 - ITAT KOLKATAAddition u/s 69A - undisclosed and unexplained income of the assessee being Gold and Jewellery seized - presumption u/s 132(4A) r.w.s. 292C takes the AO to a conclusion that the gold in question belongs to the assessee, as it was seized from the assessee and as the assessee could not produce cogent material to rebut the aforesaid presumption the additions have been made - HELD THAT:- The original challans seized with the gold bullion and gold jewellery supported the claim of the assessee. In the statement recorded u/s 131 assessee reiterated this contention. DDIT (Inv.), Kolkata and Investigation Wing at Chennai conducted verification with M/s. B.B. Jewellers and M/s Lalithaa Jewellery Mart Pvt. Ltd. The claim of the assessee has been supported and proved by the independent verification done by the Investigation Wing with the third party Jewellers in Chennai. Lack of distinctive identification numbers of the gold bullion on the challans seized, along with the gold from the assessee, was the grounds on which the AO made the addition - CIT(A) has rightly stated that this cannot be a basis of making this addition. Decided against revenue.
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