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2020 (4) TMI 684 - AT - Income TaxUnexplained investment in gold - Purchase of gold outside the books of accounts - gold has been received on challan, but expressed his inability to produce challans after gap of 4 years - CIT (A) has admitted additional evidence under Rule 46A(1)(b) of Income-Tax Rules, 1962 and deleted the addition - HELD THAT:- CIT (A) has called for a remand report from the AO on these additional evidences and allowed admission thereof. Thus, we are of the view that these additional evidences were very much necessary for admission under Rule 46A (1)(b) of Income-Tax Rules, 1962. We find that the CIT (A) has forwarded the same to the AO. CIT (A) observed that the AO made enquiry from M/s. Shri Guru Jewellers, who replied confirming that it had issued 7 kg of gold bar of purity 0.995 vide delivery challans and 6 Kg of gold bar of purity 0.995 to M/s. Raja & Co. and submitted copy of challan, copy of account statement of M/s. Raja & Co., ITR of Shri Guru Jeweler, PAN Card, as required by the AO. Thus, the AO himself accepted the identity and proof of having transaction with M/s. Shri Guru Jeweler. Assessee had purchased gold stock of 13 kg vide delivery challans no. DC3 and DC4 dated 01.04.2011, out whichsales of 7596.58 grams were made during 01.04.2011 to 04.04.2011. Therefore, after considering all facts, we do not find any infirmity in the order of CIT (A), accordingly, same is upheld. Decided against revenue.
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