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TMI Blog2012 (4) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... ssociation were also comparable with that shown by the assessee even though the rates of the Delhi Bullion Association were in respect of the retail trade and not in respect of the wholesale trade in which the assessee was involved– against revenue. Addition on account of stock of silver bars written off - assessee contended that during weighing and re-weighing of the silver bars on a repeated basis a weight loss due to breakage of corners of the silver bricks occurs - The CIT (A) confirmed the addition as silver was not a perishable commodity – Held that:- AO while rejecting the explanation given by the assessee did not make any verification as to whether in the type of trade i.e., wholesale trade in silver a negligible amount of brea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer on account of stock written off? 3. The Assessing Officer, while making the assessment in respect of the assessment year 2004-2005, inter alia, made an addition of Rs. 1,19,07,201/- on account of the alleged understatement of sale of bullion (gold and silver) by invoking the provisions of Section 69A of the Income Tax Act, 1961. The Assessing Officer had also, inter alia, made an addition of Rs. 1,66,571/- on account of stock of silver bars written off. Insofar as the latter additional is concerned, the Assessing Officer found that there was a difference of 14.28 kilograms in the concerned year with regard to the stock of silver bars. Consequently, he added the value of 14.28 kilograms amounting to Rs. 1,66,571/-. According to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t any evidence to this effect, could not have reached this conclusion that the sales had been made outside the books of accounts. It is on this basis that the Tribunal, on facts, reversed the finding of the CIT (A) as also the Assessing Officer on the ground of lack of evidence of any transaction having been made outside the books of accounts. 6. After hearing the counsel for the parties, we are of the view that the Tribunal has arrived at this conclusion and the same is a pure finding of fact. This is so because the Tribunal took the view that there was no evidence of any transaction outside the books of accounts. No perversity has been pointed out by the learned counsel for the appellant in this finding. Consequently, no substantial que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not have been used for arriving at the conclusion that there was an understatement of the sales. As a result, the CIT (A) deleted the addition of Rs. 1,19,07,201/-. As pointed out above, the revenue preferred the appeal being ITA 2877/Del/2009 before the Tribunal on, inter alia, this aspect of the matter. 9. The Tribunal, after hearing the counsel for the parties, came to the following conclusion in respect of the said deletion of Rs. 1,19,07,201/-:- 20. We have heard both the counsels and perused the records. AO s basic reason is that there are cash sales which are not verifiable and the rates whereof is below the average rate of Delhi Bullion Association. As pointed out by the ld. CIT(A),AO on remand has himself accepted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates of the Delhi Bullion Association were also comparable with that shown by the assessee even though the rates of the Delhi Bullion Association were in respect of the retail trade and not in respect of the wholesale trade in which the assessee was involved. The Tribunal correctly noted that in the present case, the Assessing Officer had not come across any evidence or material to show that the assessee had received something over and above what was reflected in the books of accounts in respect of the sale of the said bullion. Consequently, we feel that the Tribunal, being the final fact finding authority, has come to the correct conclusion on facts and no perversity in the same has been pointed out by the learned counsel appearing on beha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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