TMI Blog2020 (9) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Hon ble Apex Court in the case of M/s. Kachwala Gems [ 2006 (12) TMI 83 - SUPREME COURT] estimating the additional income of 10% on the bogus purchases made from the grey market which works out to ₹ 9,30,487/-. Order of the Ld. CIT (A) to enhance the addition by treating the entire bogus purchases as the income of the assessee is not appropriate because it is evident that the assessee had made purchases apparently from his accounted money as the payments have made through banking channels. Further it is also a fact that the Gold/Jewellery purchased are either sold by the assessee or remains with the assessee as his closing stock, since there are no other contrary findings by the Revenue. Set aside the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vijay Jewellers. It was further revealed that the assessee had obtained accommodation entries for the purchase of Gold / Gold Jewellery from Mr. Karnawat (PAN: AADCK1927A) ₹ 40,44,318/-, Mr. Kriya (PAN: AADCK1926B) ₹ 30,05,430/- and Mr. Moulimani (PAN: AADCM1913C) ₹ 22,55,118/- aggregating to ₹ 93,04,866/-. Further the assessee could not prove the creditworthiness of the persons who had sold the Gold / Gold jewellery to the assessee. The assessee could only furnish the bank statements to substantiate his claim that the payments were made by cheque. The assessee also did not take any serious steps to prove the genuineness of the suppliers. Therefore, the Ld. AO relied on the various decisions of the Tribunal as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore pleaded that the addition made by the ld. Revenue Authorities may be deleted. 5. I have heard the rival submissions and carefully perused the materials on record and also the paper book submitted by the assessee running to 1 to 303 pages. On perusing the same I find that they are not certified for having been produced before the ld. Revenue Authorities. I have also gone through the elaborate written submissions made by the assessee running to 5 pages. However, from the facts of the case I find that the assessee had not submitted any material other than the bills and vouchers and the bank statement to establish the genuineness of the transaction. It is also apparent that the revenue has come across various incriminating materials ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r remains with the assessee as his closing stock, since there are no other contrary findings by the Revenue. Therefore, I hereby set aside the order of the Ld. CIT (A) and confirm the order of the Ld. AO. 6. Before parting, it is worthwhile to mention that this order is pronounced after 90 days of hearing the appeal, which is though against the usual norms, I find it appropriate, taking into consideration of the extraordinary situation in the light of the lock-down due to Covid-19 pandemic. While doing so, I have relied on the decision of Mumbai Bench of the Tribunal in the case of DCIT vs. JSW Ltd. In ITA No.6264/M/2018 and 6103/M/2018 for AY 2013-14 order dated 14th May 2020. 7. In the result, the appeal of the assessee is partly al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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