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2020 (2) TMI 108 - AT - Income TaxRevaluation of gold jewellery sized by ADIT team, Kolkatta - as per assessee no valuation of the seized jewellery carried out in the presence of assessee who is, Owner of the seized jewellery - HELD THAT:- We are of the view that admittedly no valuation of the seized jewellery was carried out in the presence of Shri Chandra Prakash Soni who according to the assessee is, Owner of the seized jewellery and the ld. CIT(A) has not dealt with the specific grounds raised by the assessee for seeking the revaluation of the seized jewellery which is contained in the order of the ld. CIT(A). AO had also not made any independent inquiry in the jewellery market about the gold contents of studded jewellery during the remand proceedings whereas the assessee has submitted the report of independent jewelers of the market during the assessment proceeding. The assessee had also submitted three applications for seeking the revaluation of seized jewellery. It is important to mention here that application for seeking the revaluation of seized jewellery was not only moved by the assessee but also by the alleged owner i.e. Shri Chandra Prakash Soni. Even otherwise, it is the legitimate and legal right of the assessee or Shri Chandra Prakash Soni to get the revaluation of the jewellery in their presence and no prejudice shall be caused to the Department because said seized jewellery is still in the possession of the Department from the date of seizure whereas in this case the specific points/grounds raised by the assessee are not adjudicated upon. Hence, the rights of the assessee had been prejudiced. Therefore, keeping in view the interest of natural justice for seeking revaluation of the seized jewellery, we allow this ground of the assessee and direct the Department to get the seized jewellery revalued by the Registered Valuer of the Department and also to get the valuation report while keeping in view all the points raised by the assessee as mentioned above. Hence, this issue is restored back to the file of the AO for afresh adjudication as directed above. Thus Ground No. 1 of the assessee is allowed for Statistical purposes.
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