TMI Blog2019 (7) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... anted an opportunity to the assessee to do so and called for a remand report. Statements were recorded from the customers and the job workers and the identity of the customers and job workers was not disputed by the Revenue, as they had produced proper proof of identity. The explanation offered by the assessee read with the statements given by the customers and job workers was found to satisfactory to the Tribunal. This satisfaction being recorded by the Tribunal is a satisfaction on the facts placed before it. Exercising power u/s 260A, we cannot venture into the factual thicket to state that the satisfaction recorded by the Tribunal was unfounded. Therefore, in our considered view, the Tribunal was right in granting relief to the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aman, learned counsel for Mr.S.Sridhar, learned counsel for the respondent/assessee. 4.The short issue which falls for consideration is whether the Tribunal was justified in law in deleting the addition on account of value of gold and diamond in peak in WPS account, that is, work in progress account, even though the additions made by the Assessing Officer and Confirmed by the Commissioner of Income-tax (Appeals)-II, Coimbatore (for brevity the CIT(A) ) and not considering the materials available on record. 5.The learned Senior Standing Counsel placed reliance on the decision of the High Court of Allahabad in the case of R.C.Jewellers v. Commissioner of Income-tax-I, Lucknow reported in [2014] 44 taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2006 and their sworn statements were recorded. The Assessing Officer would state that all that they have stated were recorded. Apart from that the job workers were also examined who have stated on oath that the assessee takes 2% of the gold as his commission for the job work done, but they were unable to identify the parties from whom they were getting the gold for conversion into new jewellery. The workers also stated that they are getting gold from the assessee and making new jewellery for the assessee and they are receiving cooly of 2%. The remand report specifically states that all the customers and workers who were examined on oath have filed copies of their Ration Card, Driving Licence, Voter's Identity card for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plea before the Tribunal that they are willing to produce all the names of their customers as well as their workers who can be examined. The Tribunal was convinced with the stand taken by the assessee and therefore, granted an opportunity to the assessee to do so and called for a remand report. Statements were recorded from the customers and the job workers and the identity of the customers and job workers was not disputed by the Revenue, as they had produced proper proof of identity. The explanation offered by the assessee read with the statements given by the customers and job workers was found to satisfactory to the Tribunal. This satisfaction being recorded by the Tribunal is a satisfaction on the facts placed before it. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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