Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 508 - AT - Income TaxUnexplained gold jewellery and silver articles - all found during the course of search - Held that:- Merely because the assessee places before the A.O. and CIT(A) a bank account copy, indicating the payment to Maharaj Shree Rajendra Jewellers, it would not indicate that it was only towards purchase of gold jewellery. There may be some other transaction with the said jeweller other than purchase of jewellery; At any rate it is for the assessee to prove that the jewellery of a specified description was purchased and ordinarily for such huge amounts there should be a bill indicating the nature of jewellery purchased with the hallmark stamp etc., Nowhere the assessee had stated that the jewellery seized was with hallmark stamping and guaranteed by seller in the form of invoice or bill. Therefore, we are of the opinion that the initial onus placed upon the assessee is not fully discharged. However it cannot be denied that a specified sum was paid by the assessee to jeweller, as recorded in the Axis Bank account copy. It is to be seen as to what was the rate prevailing on that date and whether the amount paid is sufficient to cover 340 grams of jewellery of specified karatage. Unless the description is available or given by the assessee to the A.O. it may be difficult, even for the A.O, to cross-verify the same. In the interest of substantial justice, the assessee has to furnish all the details before the A.O. to prove its point. We hereby give one more opportunity to the assessee to submit the details to the A.O. to substantiate the claim that the jewellery purchased in the month of May 2011 are included in the jewellery found during the search. - Decided in favour of assessee by way of remand.
|