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2016 (8) TMI 95 - ITAT BANGALORE

2016 (8) TMI 95 - ITAT BANGALORE - TMI - Addition under section 68 - whether the items sold were the same which were disclosed under VDIS? - Held that:- We find that the same quantity of gold, silver and diamonds which were declared under VDIS was sold. Though the assessee has declared the gold, silver and diamond jewellery in different form under VDIS, but in sale bill the assessee has sold gold & silver bullion and diamonds separately. The assessee has filed evidence with respect to conversion .....

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essee against the order of the CIT(Appeals), Hubli dated 30.10.2015 for the assessment year 1998-99 inter alia on the following grounds:- "1. The order of the CIT (A) in so far as they are against the appellant are opposed to law, equity, and weight of evidence, probabilities, facts and circumstances of the case. 2. The appellant denies to be assessed at ₹ 8,87,010/- against the declared total income of ₹ 16,370/- on the facts and circumstances of the case. 3. The learned CIT (A .....

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observations made in the earlier appellate orders to arrive at a finding that the declaration stood unproved and hence the gold, silver and diamond sold was not out of the declaration made. 6. The learned CIT(A) was not justified on facts in not considering the gold, silver and diamond on hand with the appellant as per the declaration, to be the same gold, silver and diamond sold on the facts and circumstances of the case. 7. Without prejudice to the right to seek waiver with the Hon'ble Ch .....

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all of the grounds and to file a paper book at the time of hearing the appeal. 9. In view of the above and other grounds that may be taken at the time of the hearing the appeal, the appellant prays that the appeal be allowed in the interest of justice and equity." 2. Though various grounds are raised, but they all relate to introduction of cash in the books of accounts of the assessee on sale of gold, silver and ITA No.81/Bang/2016 diamonds which were declared under Voluntary Disclosure of .....

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bullion and diamonds which were sold and the sale proceeds were introduced in the books of account. The AO has raised a technical objection by stating that the items declared under VDIS were not the same, which were sold and the sale proceeds were introduced in the books of account. 4. When the matter reached the Hon'ble High Court of Karnataka, the Hon'ble jurisdictional High Court has remanded the matter back to the AO to give a specific finding as to, whether the items sold were the s .....

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