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2018 (6) TMI 1230 - AT - Income TaxUndisclosed income of the assessee u/s 69 - seizure of the gold - carrying gold bars and jewellery - contradictory statements - gold claimed as not belong to the assessee - Held that:- AO has made necessary inquiries and found that though Mr. Meer Ahmed Ali has shown the sources for purchase of the gold as the withdrawal of the money in the months of November, 2011 and January, 2012 and has produced the invoices from M/s. Anushri Commodities Trading Pvt. Ltd, the AO has verified the said vouchers and found that there is a difference between the buyer and sales bills. Further, he has also noticed that with the same voucher No., there was another bill given by ACPTL in favour of Shri Krishna Jewellers for the same quantity except for the description i.e. 2 bars of 1000g each. Therefore, the contention of the assessee was not being substantiated/supported by the documents produced by him. VAT returns for the relevant month of 2012 is filed between 5th June, 2011 to 15th February, 2012, i.e. after the denial of Mohd. Khan Jewellers (P) Ltd of any transaction with the assessee. Therefore, the subsequent statement of the assessee that the gold belongs to Mr. Meer Ahmed Ali and the documents relied upon by him in support of such statements are not reliable. Contention of the assessee has always been that the entire gold does not belong to him and only part of the gold belongs to him and his family members. Even with regard to the gold which he stated to be belonging to Mohd. Khan Jewellers, he failed to prove the same and it is only thereafter, that he took a stand that it belonged to Mr. Meer Ahmed Ali. - decided against assessee.
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