9911796707
TMI Blog2013 (10) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... w jewellery - This is of course only a corroboration of facts and even if assessee has paid sales tax accounting bogus purchases, nothing stands in the way of the Income Tax Department in making addition under Section 68 - Court had found that if deposits had been received, it would have been included as old stock of gold and tax would have been paid under Section 5A and thereafter the court also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the order of the Appellate Tribunal. 2. This is a case where large credits by way of deposit of gold were found and it was added to the income of the appellant under Section 68 of the Income Tax Act. Originally, the tribunal had held in favour of the appellant. Revenue came before this Court in appeal and this Court allowed the appeal and remanded the matter with certain observations. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer and the first appellate authority considered the genuineness of each and every case of deposit alleged to have been received by the appellant, it was the duty of the Tribunal to have considered the evidence in a realistic manner and to make reasonable inference and decide the case reasonably. Even though assessee is a dealer in gold ornaments who has registration under the KGST Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt had found that if deposits had been received, it would have been included as old stock of gold and tax would have been paid under Section 5A and thereafter the court also proceeded to hold that this could been corroboration of the appellant's case. Thereafter, the court also observed that even if tax is paid, it is open to the tribunal to take a view in favour of the Revenue. The complaint is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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