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2015 (4) TMI 1337 - AT - Income TaxUnexplained jewellery - unaccounted jewellery - jewellery, which was found to be not matching in any of these four criteria with the assessee’s valuation report, was therefore seized - comparison between the valuation of the assessee and the valuer of the department - HELD THAT:- DR could not controvert the conclusion of the CIT(A) that minor difference in description of jewellery in two valuation reports is possible, because of difference in nomenclature used by two valuers, the minor difference in number of small diamonds is possible on the facts of the case, because of human counting error or because of normal wear and tear, and nominal difference in weight could also be on account of two different perceptions of jewelers. We, thus, do not find any force in the appeal of the Revenue, and accordingly, the same is dismissed. Whether gold jewellery to the extent of gross weight already disclosed should not be treated as undisclosed, because description of the jewellery keep on changing on remaking of jewellery? - We find that no finding has been recorded by the lower authorities as to whether the jewellery found during the course of search, which were not tallied with the description of jewellery given in the valuation report filed with wealth-tax return, could be made from remaking of untallied jewellery stated in the valuation report filed along with wealth-tax return or not. We, further, observe that the assessee also could not bring any material before us to show that the same was possible. In the above circumstances, in our considered view, it shall be in the interest of justice to restore this issue back to the file of the AO for deciding the issue afresh after taking into consideration the above cited decision, and actual position in the light of the discussion made above. Needless to mention that, the AO shall allow reasonable and proper opportunity of hearing to the assessee before adjudicating the issue afresh. Thus, this ground of the cross objection of the assessee is allowed for statistical purpose.
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