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TMI Blog2010 (7) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... not found in the earlier searches, it cannot be said that non-existent jewellery had been declared in VDI Scheme 1997. - In any event, as rightly pointed out by the ITAT, it was not open to the Assessing Officer to question existence of the said jewellery when it had been declared under the VDI Scheme. – decided in favor of revenue. - 57/2010, 62/2010 - - - Dated:- 15-7-2010 - MR. JUSTICE MANM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es conducted on 15th September, 1992 and 10th February, 2000. 3. The ITAT in the impugned order has rejected the revenue's appeal by observing as under:- "6. We have heard the arguments of both the sides and also perused the relevant material on record. It is observed that the major source of jewellery found from the residence and lockers of Bhalla family was explained by the assesses as jewel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch jewellery was actually found during the course of search conducted on 15.09.1992 and 10.02.2000 i.e. after the previous year relevant to AY 1986-87 in which the jewellery declared under VDIS was stated to be acquired. In support of this contention, he has relied on the decision of Hon'ble Supreme Court in the case of Tek Chand etc. vs. Competent Authority - 112 CTR 458 wherein it was held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that as provided under VDIS, 1997, the AO had grossly erred in holding that such silver utensils allegedly sold never existed. It was held that such finding of the AO was beyond his jurisdiction and against the scheme of VDIS, 1997. In our opinion, the assessee in the present case stands on a better footing than the assessee in the case of Surya Kant Dalmia (supra) before the Special Bench ina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned orders of the learned CIT(A) and dismiss these appeals filed by the Revenue." 4. In our opinion, just because the said jewellery was not found in the earlier searches, it cannot be said that non-existent jewellery had been declared in VDI Scheme 1997. In any event, as rightly pointed out by the ITAT, it was not open to the Assessing Officer to question existence of the said jewellery whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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