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2019 (7) TMI 672 - HC - Income TaxUnexplained investment in jewellery - addition of 11065 grams - assessee filed affidavits from 15 persons to substantiate his case which was rejected by AO and CIT(A) on the ground that they were stereo-type affidavits - Tribunal accepted affidavits and explanation of gold deposits of his relatives and those relatives numbering 15 persons produced their PAN numbers as well as the Wealth Tax returns and VDIS returns - HELD THAT:- The evidence produced by the assessee before the AO was held to be sufficient to explain the gold and jewellery which were seized at the time of search in assessee's premises Details of the claim of gold deposits from relatives and the extent to which it was accepted and extend to which it was supported by the Wealth Tax and VDIS returns of respective persons. Where the assessee asserts that it had received as gold deposits from its family members/relative more than what it was stated at the time of search and such assertion is supported by affidavits and corroborative evidences likes VDIS declaration of the giver/creditor and copies of Wealth Tax returns of the giver/creditors, in our opinion it was incorrect to brush it aside. Lower authorities simply went by a presumption that the claim was an after thought. Gold deposits agreements stipulates a return on investments to the credit and therefore this cannot be deemed gratuitous transactions With regard to the claim of the assessee in respect of 1042 grams of gold jewellery belonging to the gold-smith, since the Tribunal has remanded this issue for fresh consideration to the Assessing Officer, we find there is no ground to interfere with the same. Revenue referred to case of Principal Commissioner of Income-tax (Central)-1 Vs. NRA Iron & Steel (P). Ltd. [2019 (3) TMI 323 - SUPREME COURT] which can be of no assistance to the revenue in this appeal on account of the factual position therein. - We find that factual details have been reappraised by the Tribunal to come to the conclusion as held in the impugned order. - Decided against revenue
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