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TMI Blog2014 (9) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... invoking the provisions of section 68 by adding the entire sale proceeds as income of the assessee - it is primarily for the Tribunal to consider as to whether the invoking of section 68 was in order – thus, it would be appropriate to restore the proceedings for a fresh consideration – Decided in favour of Assessee. - Income Tax Appeal No. - 144 of 2014 - - - Dated:- 4-8-2014 - Hon'ble Dr. Dhananjaya Yeshwant Chandrachud, CJ And Hon'ble Dilip Gupta,JJ. For the Appellant : Krishna Vyas, S. D. Singh For the Respondent : C.S.C., IT ORDER This appeal by the assessee arises from an order of the Income Tax Appellate Tribunal dated 13 June 2014 in relation to Assessment Year 2008-09. The following questions of law h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 43.76 lacs which was sold through five cash memos on 5 July 2007 for ₹ 43.80 lacs. For the purchase of the first lot of 5 kgs. of gold, the assessee claims to have paid out of his own funds which were transferred from HDFC bank to ICICI bank for the specific purpose of effecting the purchase. The Assessing Officer treated the entire deposit of cash of ₹ 87 lacs on different dates as the assessee's own money earned from undisclosed sources since he was of the view that the assessee had not been able to establish that the cash of ₹ 87 lacs represented the sale proceeds of golds. The Assessing Officer, accordingly, added the aforesaid amount of ₹ 87 lacs together with expenses of ₹ 7643 which were cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd source. It has also been urged that admittedly both the CIT (Appeals) and the Tribunal held that the initial purchase of 5 kgs. of gold was through the bank for which the funds of the assessee were utilised and which have been transferred from the account of the assessee in HDFC bank to ICICI bank. It, has therefore, been urged that once this had been accepted then there would be no occasion to apply the provisions of section 68 since the sale proceeds in respect of the first tranche of 5 kgs. of gold were utilised for purchasing the second lot of 5 kgs. of gold. On the other hand, learned counsel appearing on behalf of the revenue took us through the records and attempted to sustain the findings of the Tribunal. The basic question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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