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2018 (10) TMI 1399 - AT - Income TaxRectification of mistake - additions u/s 69C - powers of the tribunal u/s 254(2) - disbelieve to the alleged business of gold bars conducted by the assessee - Held that:- Solitary transaction was conducted in the month of July 2005 of ₹ 18.50 lacs and the concern of the assessee stood closed. The assessee did not had any infrastructure and experience to deal in huge quantities of gold bars. The VAT registration also stood cancelled by Gujarat VAT authorities in short span of time. The assessee also could not evidence movement of gold bars with respect to its alleged business. The alleged sales of more than ₹ 55 crores were made in cash to undisclosed customers and cash got deposited in assessee’s bank account from undisclosed persons. The alleged sales per invoice were for more than ₹ 3.00 crores per invoice which were allegedly cash sales to undisclosed customers. AS referred to provisions of Section 106 and 114(g) of Indian Evidence Act,1872 to come to conclusion that the assessee is withholding evidences and preventing enquiry wherein presumption will be drawn against the assessee in these circumstances. The tribunal has inherent powers to pass such orders as it deemed fit within mandate of Section 254(1) of the 1961 Act and confirmation of additions u/s 69C read with its proviso was justified and was within powers of the tribunal keeping in view entire factual matrix of the case before it. The powers of the tribunal u/s 254(2) is limited and is restricted to correcting mistakes apparent from records and this powers do not extend to reviewing its own order. Thus, this contention of the assessee with respect to invocation of provisions of Section 69C by tribunal in this MA also stood rejected.Both the MA’s filed by the assessee stood dismissed
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