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TMI Blog2018 (6) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... me voucher No., there was another bill given by ACPTL in favour of Shri Krishna Jewellers for the same quantity except for the description i.e. 2 bars of 1000g each. Therefore, the contention of the assessee was not being substantiated/supported by the documents produced by him. VAT returns for the relevant month of 2012 is filed between 5th June, 2011 to 15th February, 2012, i.e. after the denial of Mohd. Khan Jewellers (P) Ltd of any transaction with the assessee. Therefore, the subsequent statement of the assessee that the gold belongs to Mr. Meer Ahmed Ali and the documents relied upon by him in support of such statements are not reliable. Contention of the assessee has always been that the entire gold does not belong to him and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led in response to the notice u/s 142(1) of the Act. 3. Subsequently, the assessment was taken up for scrutiny u/s 143(3) of the Act and the AO observed that the assessee s statement was recorded u/s 131 of the Act at the Kolkata Airport and the assessee stated in his sworn statement that he was carrying 2 kg gold biscuits for making jewellery items and they belong to Mohd. Khan Jewellers (P) Ltd, Public Gardens, Abids, Hyderabad. When the assessee was asked whether he was carrying any supporting documents, he referred to two vouchers. On examination of the vouchers, some discrepancies were noticed and when they were pointed out, the assessee stated that part of the gold belongs to Mohd. Khan Jewellers (P) Ltd; while the excess gold belo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the letter in which Mr. Meer Ahmed Ali certified that the gold was given to the assessee for making of gold ornaments for his sons wedding. 5. The AO, was however, not convinced with the said evidence and observed that the assessee had given contradictory statements and therefore, the evidence produced by the assessee are not reliable and have been created in collusion with Mr. Meer Ahmed Ali, much after the date of the seizure of the gold, to cover up the transaction. The AO also examined the source of Mr. Meer Ahmed Ali for purchase of the gold. He observed that Mr. Meer Ahmed Ali had withdrawn some amounts in the month of Nov. 2011, whereas, the gold was allegedly purchased on 9.01.2012 and therefore, held that the long period of ges ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 56,31,600 made u/s 69 of the I.T. Act. 6. The learned Counsel for the assessee Shri A. Srinivas, reiterated the submissions made by the assessee before the authorities below and placed reliance upon the decision of the Tribunal at Delhi in ITA No.4060/Del/2011 dated 18th May, 2012, while the learned DR relied upon the orders of the authorities below. 7. Having regard to the rival contentions and the material on record, we find that undisputedly the assessee was intercepted with possession of extra gold of 2000g at Kolkata Airport and initially the assessee had stated that part of it belongs to Mohd. Khan Jewellers (P) Ltd and part of it belongs to himself and his family members. It is only after the denial by Mohd. Khan Jewellers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld belongs to Mr. Meer Ahmed Ali and the documents relied upon by him in support of such statements are not reliable. In the decision relied upon by the learned Counsel for the assessee, the Tribunal had held that the Revenue has failed to bring on record anything which could show that it was assessee s own money which has been deposited in the Bank and therefore, the source of the gift received is to be treated as explained. In the case before us, though the Revenue has not brought on record any material to show that it was the assessee s own money with which the assessee has purchased the gold, we find that the contention of the assessee has always been that the entire gold does not belong to him and only part of the gold belongs to him a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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