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TMI Blog2007 (6) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... under VDI scheme and also paid tax on it – Tribunal and HC also upheld the order of CIT(A) X X X X Extracts X X X X X X X X Extracts X X X X ..... the corresponding accounting year ended on 31.03.1998. The assessee had returned income from money lending. The total income of Rs.1,36,180/- has been disclosed in the Return. The assessment was completed under Section 143(3) of the Income-tax Act ("Act" in short) determining a total income at Rs.8,37,967/-. While completing the assessment, the Assessing Officer treated the amount of Rs.7,01,787/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for sale of gold (Rs.3,66,800/-) and silver (Rs.3,34,987/-). The above items were disclosed under VDI Scheme. The C.I.T. issued a Certificate that the assessee has paid tax under VDI Scheme. Subsequently, the jewellery declared under VDI Scheme was sold to family members which resulted in capital loss of Rs.54,307/-. The amount of Rs.7,01,787/- was shown as receipt from family members on account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. The addition made under Section 68 of the Act as unexplained cash credit is not based on any material or evidence. Both the first appellate authority as well as the Tribunal have given a finding that there is no material brought on record to suggest that the transaction was sham and hence it was held that the sum received on account of sale of jewellery could not be brought to tax under Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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