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TMI Blog2011 (12) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 69 of the Act - substantial question of law had to be answered in affirmative - appeal is allowed - IT Appeal NOs 580 to 583 OF 2006 - - - Dated:- 12-12-2011 - V.G. SABHAHIT AND S.N. SATYANARAYANA, JJ. Parthasarathi for the Appellant. Sriyuths Indrakumar and E. Sanmathi Indrakumar for the Respondent. JUDGMENT V.G. Sabhahit, J. - All these appeals are filed by the assessee being aggrieved by the order dated 31-10-2005 passed by the Income Tax Appellate Tribunal, Bangalore Bench 'A' (hereinafter called the 'ITAT) wherein the appeals filed by the revenue were partly allowed. 2. Since the similar substantial questions of law involved in these appeals, for the purpose of convenience, the material facts in ITA No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... li Galli Hubli Sri Mahalaxmi Jewellers Umachagi Complex Coen Road Hubli Rs. 4.71.397 bill dated 20-12-97 By A/c Payee Cheque Drawee Bank Vysya Dank Ltd. Koppikar Road, Hubli 25.12.97 Diamonds 2 45.650 CT Gauthamchand Government approved valuer, Navarathan Jewellery (P.) Ltd. No. 85 M.C. Road Blore - 560 001 12-11-97 Valuation As On 1-4-87 Kamal. Gems Diamonds. Gold Silver Dealer and Commission Agents. 102. Super Daimond Apartments. Sa1yedpura. Surat-3 Rs. 5.93.450 By DD Purchased from Union Bank of India. BVK Iyengar Road. Bangalore 10-1-98 There were also similar sales of bullion, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for purchase by account payee cheques and demand drafts and bills and vouchers for the transactions had been issued? (2) Whether the Tribunal was correct in law in holding that the transactions in regard to the sale of gold jewellery was not genuine just because of certain irregularities in the accounts of M/s. Shree Mahalakshmi Jewellers? (3) Whether the Tribunal was right in law in holding that the sale of gold jewellery was genuine just because the buyer of gold jewellery who had wound up his business could not be traced after nearly three years? 4. We have heard the learned counsel appearing for the appellants and learned counsel appearing for the respondents. 5. The learned counsel appearing for the appellant submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods that is the subject matter of transaction as declared in the regular returns is made out of the same jewellary which was declared in the application filed under VDIS 97, the said amount realised to the said transaction would amount to unexplained investment under Section 69 of the Act. Accordingly, for the reasons assigned in the said appeal I.TA. No. 186/04, we hold that the substantial question of law had to be answered in affirmative and accordingly, we pass the following order: i. The appeal is allowed. ii. The order passed by the Income Tax Appellate Tribunal, Bangalore Bench 'C in No. 449/Bang/2003 for the assessment year 1998-99 confirming the order passed by the Commissioner of Income Tax (Appeals) dated 7.3.2003 w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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