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2023 (5) TMI 743 - HC - Income TaxAddition u/s 69A - seized gold bullion and ornaments - ITAT deleted the addition - Whether the order of Tribunal is perverse in not considering the factual trial of the transaction where identity of the original purchaser as well as the identity of the seized gold remain undisclosed - HELD THAT:- Tribunal found that the original challans seized with the gold, bullion and gold jewellery supported the claim of the assessee - claim of the assessee has been supported and proved by independent verification done by the investigation wing with third party jewellers in Chennai. Only reason based on which the assessing officer made the addition was on the ground that the gold, bullion lacked distinctive identification numbers on the challans. The correctness of this finding was considered by the learned Tribunal and the learned Tribunal agreed with the finding recorded by the CIT(A) at page 4 of the order dated 30th October, 2019. The Tribunal has extracted the relevant paragraphs at the said order. From paragraph 8 of the impugned order we find that the factual findings recorded by the CIT(A) was not controverted by the department and the Tribunal having been satisfied with the factual conclusion arrived at by the CIT(A) agreed with the same and dismissed the revenue's appeal. Stand taken by the assessee that the gold and ornaments were given to him for the purpose of making jewellery and for polishing was established and proved. The matter being entirely factual and the CIT(A) and the Tribunal having concurrently held in favour of the assessee on facts - No substantial questions of law.
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