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2019 (11) TMI 63 - HC - Income TaxVoluntary Disclosure of Income Scheme – VDIS - identification of jewellery declared - whether sale of jewellery/goods were out of the declaration made under the Voluntary Disclosure of Income Scheme – VDIS? - HELD THAT:- The mere change in the nomenclature from jewellery to bullion in the VDIS declaration visa-vis sale bills would not be relevant and is of no consequence. The only exercise the Assessing Officer had to undertake was whether the gold, silver and diamond declared under the VDIS and subsequently, claimed to have been sold after converting the same into bullion are one and the same. However, on the premise that there is change in the nomenclature the Assessing Officer as well as the Appellate Authorities have disbelieved the claim of the appellants. AO has merely stated there was a change in nomenclature and as such it could not be accepted that the items declared under the VDIS was the same as sold by the appellants. In fact, tribunal fell in error by presuming that Assessing Officer had disputed the quantitative details, which was not the factual scenario, since the Assessing Officer had verified the details of the quantities returned and sold, which has not been disputed and obviously for the reason sale having been correlated on the assaying of the jewellery. In fact, it has been brought to the notice of the tribunal that jewellery declared was of lower purity and as such on conversion i.e., upon assaying purity had reduced proportionately, which has been erroneously ignored by the tribunal. Tribunal erred in not considering the fact that under similar circumstances in the following cases rendered in respect of the assessees who were similarly placed, had been accepted and the appeals filed by the respective assessees had been allowed. Tribunal committed a serious error in arriving at a conclusion that items sold by the respective appellants were different from the jewellery declared under the VDIS and as such the substantial questions of law deserves to be answered in favour of the assessees and against the Revenue.
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