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TMI Blog2012 (8) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... ployer i.e. the assessee. On the other hand, the ld. Counsel for the assessee defended the impugned order and the submissions made therein. 2.1 We have considered the rival submissions and perused the material available on the record. The facts, in brief, are that the Assessing Officer made the addition of Rs.20,950/- for the impugned assessment year as the amount was found deposited in the bank account of Shailendra Dubey, an employee of the assessee firm. The Assessing Officer noticed certain transactions in the said bank accounts as has been mentioned in para 6.2 (page 4) of the impugned order along with the deposits in different assessment years. It was observed that the amounts were transferred periodically in the accounts of Shri Dubey either in cash or for self. His statement was recorded and accordingly it was inferred that his salary was not sufficient to substantiate the amounts found deposited in his account, consequently, the Assessing Officer held that the unaccounted amounts were being routed through his account, consequently, these were treated as unexplained credits u/s 68 of the Act. During hearing before the learned CIT(A) it was claimed that Mr. Dubey was workin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bills of the later date as the stock has to be seen on the date of survey. Our attention was also invited to pages 47 and 48 of the paper book. A plea was also raised that the CIT(A) has not verified the bills which are of the same serial number. 3.1 On the other hand, the ld. Counsel for the assessee strongly defended the impugned order by asserting that it is a sale between the two concerns and there is an entry in the stock register for which our attention was invited to pages 44 and 45 of the paper book. The gold was claimed to be converted into new ornaments, the books of accounts were argued to be audited one. Reliance was placed on the decision in the case of CIT vs. Balchand Ajit Kumar; 263 ITR 610 (MP) and Man Mohan Sadani vs. CIT; 304 ITR 52 (MP). In reply, the learned CIT DR contended that when sale is in dispute, the usual practice in the market has to be considered. 3.2 We have considered the rival submissions and perused the material available on the record. Before coming to any conclusion, we are reproducing hereunder the conclusion drawn in the impugned order :- "7.4 I have carefully considered the submission of the appellant as also the observation of Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that such stock is also found to be received from the same stock register/Vyapari register i.e. BS-9 seized during course of search operation. Such gold ornaments were received on Vyapari Register i.e. BS-9 seized during course of search operation. Such gold ornaments were received on Vyapari Register 24.10.2007 vide voucher no. 77. It may be stated that M/s Agrawal Jewellers, Chowk Bazar, Bhopal, is the sister concern of the appellant and as regards such stock of 2210.300 grams, statement of partner of M/s Agrawal Jewellers namely Shri Jaimohan Agrawal was recorded during the search operations and he was specifically asked regarding such stock. The partner admitted to have sent such stock to the appellant firm. Stock register/Vyapari register of this firm was also seized and sending on such stock is evidenced from the seized records. It is also noticed that while completing the assessment of M/s Agrawal Jewellers, Chowk Bazar Bhopal, the same Assessing Officer accepted their version that stock to the extent of 2210.300 grams was sent to the appellant firm. In this background, as regards these two stocks weighing 2895.150 grams (684.850+2210.300 grams) it is held that such stock w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Bhopal, evidencing confirmation of giving gold ornaments to the assessee and receipt of gold articles entry in its Vyapari register on 24.10.2007 (BS-9-seized Vyapari register). Even otherwise, it was claimed by the assessee that the ledger account of M/s Kanval Jewellers (in the books of the assessee) for assessment year 2008-09, bills of M/s Kanval Jewellers dated 1.12.2007, 10.7.2007 and 28.10.2007, copy of relevant pages of Vyapari register and copy of gold receipt voucher no. 11 dated 28.10.2007 were duly furnished before the Assessing Officer. It is worth mentioning that the Vyapari register of M/s Agrawal Jewellers, Bhopal, was also seized by the search party (BS-3) wherein the said concern has also recorded in the Vyapari register the gold articles worth 2210.300 gms (vide voucher no. 77 dated 24.10.2007) . It is also seen that the assessee has made payments against such purchases which has not been controverted by the Revenue. The only point of dispute now remains with regard to length of time for payment. Under these facts, it can be said that it depends on the business relations between the parties and the Revenue is not expected either to presume anything or to sit in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim of the assessee, in which we find no infirmity. It is, therefore, affirmed. 5. The last ground in the appeal of the revenue pertains to deleting the addition of Rs.8,30,446/- on account of precious stones. The learned CIT DR defended the assessment order by submitting that the observation of the Assessing Officer that no documentary proof or satisfactory explanation was furnished by the assessee has been ignored by the learned CIT(A) while reaching to the conclusion whereas the ld. Counsel for the assesse defended the impugned order. 5.1 We have considered the rival submissions and perused the material available on the record. We find that the addition was made by the learned Assessing Officer on the observation that the stock of precious stone was not supported by valid bills/vouchers against which from the assessment stage itself the claim of the assessee is that these items were purchased on various dates from dealers as well as from customers and the same forms part of the opening stock. In the impugned order, as is oozing out from para 9.3 onwards, the various bills, respective amounts with reference to seized material have been duly considered. In the Jawaharat a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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