9911796707
TMI Blog2022 (10) TMI 1280X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and not on the basis of the facts of the case. 2. On the facts and in the circumstances of the case, the Ld. CIT(A)-2 Nasik erred in deleting the addition on account of low Melting gains shown by the assessee compared to earlier financial years. 3. On the facts and in the circumstances of the case and in law, the order of the Ld.CIT(A)-2, Nasik be cancelled on the above issue and that of the A.O be restored. 4. The appellant craves leave to add, alter, modify, delete amend any of the grounds with prior permission of the Hon'ble CIT, as per the circumstances of the case." 2. Brief facts of the case are that the assessee is in the business of manufacturing of gold and silver ornaments and trading of ornaments. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing as under- "8.38 we find force in the above argument of the Ld Counsel for the assessee. We have perused the month wise breakup of the melting gain declared by the assessee and fined that there is variation. We also find force in the argument of the Ld Counsel for the assessee that when assessee is maintaining the record showing the old ornaments issued for refining purpose on the weight basis, when there should have been no jurisdiction for rejecting the said record. The Ld (CIT(A) has mechanically approved the approach of the AO for holding that AO has correctly worked out the melting gain. We find that the AO has attached the chart to the assessment order being Annexure-3 for the period April 2008 to March 2009. We also find that A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue vehemently relied on the order of the AO. The ld.Authorised Representative(ld.AR) for the assessee filed a paper book containing 166 pages. The ld.AR took us through the melting gain register which was at page no.47 of the paper book and explained that the assessee is properly maintaining melting gain / loss register. The ld.AR submitted that the AO has not pointed out any defect in the melting gain register or audited books of accounts. Therefore, the addition made by the AO was rightly deleted by the ld.CIT(A). 6. We have heard both the parities and perused the records. It is a fact that assessee purchases old ornaments. The purity depends on many factors. It is very difficult to generalise the purity. We have gone through th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
