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TMI Blog2014 (4) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... up to 6kgs at a time, whereas the serial numbers of the inventory list of the silver articles indicated the weight of items far exceeding the said upper limit - The order of the Tribunal shows a detailed discussion on the various aspects on the stock seized and the variations worked out by the AO - the appellate authority recorded its findings based on materials and this was considered and confirmed in toto by the Tribunal - the factual finding by the Tribunal is based on material and no exception could be taken to that – thus, the question is a pure question of law – Decided against Revenue. - Tax Case (Appeal) No. 968 of 2013 - - - Dated:- 10-4-2014 - Chitra Venkataraman And T. S. Sivagnanam,JJ. For the Petitioner : Mr. M. Swamina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .25,00,000/-, pertaining to the assessment years 2001-02 to 2003-04, the block assessment order was framed on total undisclosed income of Rs.2,65,94,099/-. The assessee challenged the block assessment before the Commissioner of Income Tax (Appeals), however, granted a partial relief to the assessee after analyzing the materials placed before it. Aggrieved by the part relief granted, the Revenue went on appeal before the Income Tax Appellate Tribunal as against the relief granted by the Commissioner of Income Tax (Appeals) in favour of the assessee. The main grievance of the Revenue in the appeal before the Income Tax Appellate Tribunal was as regards the deletion of addition made on account of gold jewellery and silver items. 3. In parag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as on 17.02.2003, the aggregate weight of the re-made jewellery receipt were added from the gold smiths but remained yet to be delivered to the customers was pointed out at Rs.19,583.015 grams. The delivered items as on 18.02.2003 was to the aggregate weight of 11633.670 grams. Thus, on the close of business on 18.02.2003, 17959.345 grams of re-modelled jewellery items were there at the assessee's premises meant for the delivery to the customers. The Tribunal pointed out that these transactions were found to be properly vouched in different control ledgers, bill books, order receipt books, issue vouchers, etc., which were the subject matter of the seized materials. 4. In the context of the materials thus available, the Tribunal accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... studded jewellery, the Commissioner of Income Tax (Appeals) had taken a reasonable view on the issue and that the Income Tax Appellate Tribunal confirmed the findings of the Commissioner of Income Tax (Appeals). 7. As against the Silver articles from Salem Parties totaling to 416739 grams, including in the total quantity of silver articles, the assessee contended that they had purchased silver articles from nine dealers and two silver-smiths and they were received prior to the date of search, but were not recorded in the stock register. The Income Tax Appellate Tribunal referred to the Commissioner's order accepting the submission of the assessee except that in relation to the duplication of items and allowed to the extent of 60% on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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