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2016 (7) TMI 505 - AT - Income TaxVDIS declarations - genuity of gold sold - Held that:- A glance at the bill issued by M/s. Balaji Refinery does show that it was holding a licence. A Look at the purchase bill issued by MLJ show that it was having KST and CST registration numbers. These registrations were effective from 23.10.1997. In our opinion, these evidence do tilt the case in favour of the assessees. Assessees had done whatever possible, within their means to show that the gold jewellery sold by them were the same gold declared in VDIS, after converting it into bullion. Assessees had submitted copies of bills issued by M/s. Balaji Refinery which did show similar details of gold jewellery as returned in the VDIS. In such situation we are of the opinion that assessees had discharged their onus to show that the gold sold by them were the same which were declared by them in the VDIS declarations, after conversion. Reasoning given by the AO that antique jewellery would not have been sold by the assessees is only a surmise and cannot dislodge the evidence filed by the assessee. Further there is nothing on record to show that the gold jewellery which were sold by the assessee were antique in nature. In such circumstances, it is of the opinion that the lower authorities fell in error in disbelieving the source for credits shown by the assessees concerned. No hesitation in deleting the additions made in the hands of the assessee. - Decided in favour of assessee
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