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TMI Blog2016 (8) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... e find no justification in making the addition on introduction of sale proceeds in the books of account - Decided in favour of assessee. - ITA No.81/Bang/2016 - - - Dated:- 30-6-2016 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER Appellant by : Shri Ravishankar, Advocate Respondent by : Smt. Swapna Das, Jt. CIT(DR) ORDER This appeal is preferred by the assessee against the order of the CIT(Appeals), Hubli dated 30.10.2015 for the assessment year 1998-99 inter alia on the following grounds:- 1. The order of the CIT (A) in so far as they are against the appellant are opposed to law, equity, and weight of evidence, probabilities, facts and circumstances of the case. 2. The appellant denies to be assessed at ₹ 8, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing interest is not discernible from the order of assessment. 8. The appellant craves leave to add, alter, modify, delete or substitute any or all of the grounds and to file a paper book at the time of hearing the appeal. 9. In view of the above and other grounds that may be taken at the time of the hearing the appeal, the appellant prays that the appeal be allowed in the interest of justice and equity. 2. Though various grounds are raised, but they all relate to introduction of cash in the books of accounts of the assessee on sale of gold, silver and ITA No.81/Bang/2016 diamonds which were declared under Voluntary Disclosure of Income Scheme, 1997 (VDIS). 3. During the course of assessment proceedings, the Assessing Officer ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate, copy of sale of gold silver bullion and diamonds and the evidence of conversion of gold, silver and diamond jewellery into gold silver bullion and diamonds. From this evidence, the assessee has tried to explain that the same quantity of gold, silver and diamond which was declared under VDIS was sold. 7. Per contra, the ld. DR strongly opposed the contentions of the assessee and placed heavy reliance upon the order of the CIT(Appeals). 8. Having carefully examined the orders of lower authorities and documents placed on record in the light of rival submissions, we find that the same quantity of gold, silver and diamonds which were declared under VDIS was sold. Though the assessee has declared the gold, silver and diamond jewel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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