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2023 (7) TMI 791 - ITAT ALLAHABADUnexplained excess stock of silver - valuation of stock of silver ornaments of assessee during survey - CIT(A) in appeal order relied on local trader and ascertained the purity of silver jewellery from @ 40% to @62 % and ascertained the purity @ 52% on silver jewellery - HELD THAT:- The assessee has not disputed the weight and purity during survey, and merely has stated in a general manner that value is higher. Thus, the assessee cannot retract from his own statement, and the only reason acceptable is the applicability of average rate of 65% of purity in silver item adopted by departmental valuer despite being actual weight and purity of each and every item of silver available with departmental valuer during the course of survey. Matter need to be set aside to the AO and an expert departmental valuer(who is an approved valuer) be appointed by the department to find out the correct value of silver based on actual weight and purity and then applying the then prevailing rate of silver at that relevant point of time. AO had not allowed the opening stock of silver (stock of silver claimed to be available in the books of accounts on the date of survey) which was already declared in the books of assessee. Interest of justice would be sub served if the impugned order is set aside and the matters are remitted back to the ld. AO for consideration thereof afresh related valuation of silver & silver jewellery for ascertain the rate of purity, as directed by us in the preceding para of this order. The opportunity for fresh valuation of silver & silver jewellery should be allowed to assessee considering the books of accounts, as directed by us in this order. Decided in favour of assessee for statistical purposes.
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