9911796707
TMI Blog2011 (5) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... p; Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad ["Tribunal" for short] dated 31st May 2010, raising following questions for our consideration:- "Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting addition on account of diamonds purchased out of undisclosed s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the view of the Assessing Officer and dismissed the assessee's appeal. Issue was carried in further in appeal before the Tribunal. The Tribunal, by way of impugned judgment, allowed the assessee's appeal holding that the assessee had sufficiently explained the source of such diamonds and had formed part of its stock. Though previously, the Revenue had sought to make additions substantively in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h matched with the purchase bills. The Tribunal also observed that both the sellers ie., Someya International and Harsona Diamonds were assessed to tax having GST and CST numbers. The Tribunal also found that the seized diamonds were matching very closely with the closing stock shown by the assessee as on 31.03.2005. The Tribunal also recorded that the return of income for the AY 2003-2004 was fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the parties, we are of the opinion that the entire issue is based on appreciation of evidence on record. The Tribunal has given cogent reasons to come to the conclusion that several facts pointed to the seized diamonds being those shown by the assessee in the books of account. The declaration by the assessee, even before the search, in the course of return previously filed and the valuation of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
