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2016 (8) TMI 83 - AT - Income TaxAddition u/s 68 - whether items sold in the present year is the same which was declared by the assessee under VDIS - Held that:- As per the confirmation of the buyer M/s S. Babulal & Co., Ahmedabad, he has purchased from the assessee cut and polished Diamonds of 18.55 carat for ₹ 5,00,050/-. The dispute is only about this amount of ₹ 500,050/- and hence other bills etc. are not relevant. It is seen that although, the carats quantity as per VDIS declaration and purchase confirmation is tallying but the carat quantity alone cannot determine that both the items are same or not because the price of Diamond mainly depends upon quality of the Diamonds being its cut and colour apart from its size. Regarding this sale of Diamonds i.e. 18.55 carat, do not know the size also because in the confirmation available on page-4 of the paper book, number of pieces of Diamonds is not mentioned and therefore, its size is not known. The cut and colour of diamonds are also not known because the same is not mentioned in the purchase confirmation or in the VDIS declaration. Hence it is seen that the assessee has failed to establish that the diamonds sold in the present year and declared under VDIS are same. Thus the assessee has failed to establish this fact that he Diamonds sold in the present year are the same Diamonds which declared by the assessee in VDIS declaration 1997 as directed by the Hon’ble Karnataka High Court and therefore, find no reason to interfere with the order of the ld.CIT(A). - Decided against assessee.
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