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2019 (8) TMI 305 - HC - Income TaxUndisclosed gold and diamond sold - Voluntary disclosure of gold and diamond jewellery u/s 65(1) of VDIS 1997 accompanied by a valuation report in respect of declared items, reflecting item-wise weight with other particulars - tribunal held that assessee had failed to establish that sold diamonds are VDIS declared items on account of number of pieces of diamond, their size, cut and colour of the sold diamonds was not verifiable - tribunal differ from decisions rendred on similar facts - HELD THAT:- The assessee in the instant case being similarly placed and gold having been smelted through Balaji Refinery and having sold the same to M/s.Mahalakshmi Jewellers, the chain of link stood established with regard to the gold/jewellery declared by the assessee under VDIS 1997 on 05.11.1997 being the same items which had been got smelted by them through goldsmith M/s. Shree Balaji Refinery and then sold to M/s.Mahalakshmi Jewellery and M/s.Sheetal Exports. As such, tribunal was not justified in not applying the ratio of its own orders rendered in several matters which have been referred to herein above. In fact, tribunal in its various decisions rendered in respect of the assessees who are similarly placed, who also contended that gold declared by them under VDIS had been smelted through Balaji Refinery and sold thereafter to Mahalakshmi Jewellers had been accepted. Tribunal committed a serious error in not accepting the sale invoices – Annexures-‘F’ and ‘J’ submitted by the assessee on the ground that it is not the same items which had been shown and declared by them in the VDIS declaration and the valuation report annexed to such declaration. It further committed a serious error in not applying the ratio of its earlier decision to the facts on hand which were not only similar but also identical as it relates to the same Refinery who had smelted the gold declared by the assessee under VDIS-1997. Hence, we answer the substantial questions of law in favour of the assessee and against the Revenue.
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