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2018 (4) TMI 398 - AT - Income TaxGenuine transaction of sale of jewellery - addition made on account of accommodation entry - Held that:- The issue involved in the present case is that sale of jewelry shown by the assessee to the jeweler is alleged to be an accommodation entry and there is no real sale. This allegation is based on the facts gathered by the investigation wing where the jeweler has confessed the same. Hence we also direct the assessee to produce jeweler, in person, along with the (i) books of accounts of jeweler (ii) treatment of sale of jewelry by the assessee in books of jeweler (iii) the impact in the assessment order of the jewelers of this sale whether the jeweler has accepted it as real sale or merely an accommodation entry (iv) Any other details regarding the purchase of jewelry from assessee The assessee is directed to produce jeweler with these details before the ld AO within three months from the date of receipt of this order. AO may examine the jeweler with respect to his books of accounts as well as the earlier allegation of accommodation entry provided by the jeweler and then examine the issue afresh and decide the issue of genuineness of sales of jewelry. If the assessee fails to produce the jeweler along with necessary details as directed, ld AO may decide the issue on merit as per facts available on record.
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