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2022 (3) TMI 527 - HC - Income TaxUnaccounted purchases of jewellery - search u/s 132 - Entitlement to claim back the seized articles i.e. the gold jewellery - HELD THAT:- CIT(A) recorded a finding that the writ applicant herein had purchased gold from M/s. Parv Kundan and Diamonds Private Limited vide the bill dated 26th October 2017 and had also made payment through the banking channels. There is a finding of fact recorded by the CIT(A) which has attained finality as the Revenue not thought fit to challenge the order passed by the CIT(A) before the appellate Tribunal that the purchases were duly accounted in the books of account of the assessee i.e. the writ applicant herein. CIT(A) further recorded that even if the version of M/s. Parv Kundan and Diamonds Private Limited as regards the transaction with the writ applicant herein before the DDIT (Investigation), Delhi was to be accepted as true, still it would not make any difference because the purchase has been recorded in the books of account of the writ applicant and payment has been made by the writ applicant through banking channel. CIT(A) came to the conclusion that the said purchase cannot be termed as unaccounted. In view of the aforesaid findings recorded by the CIT(A) and such findings having attained finality as the order of CIT(A) has not been challenged further by the Revenue before the appellate Tribunal, we are left with no other option, but to accept the case put up by the writ applicant that he had purchased the gold in question from M/s. Parv Kundan and Diamonds Private Limited and had also accounted for the same in his books of account. In such circumstances, the Revenue cannot withhold the seized gold jewellery weighing 524.500 grams. It has got to be released in favour of the writ applicant.
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