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TMI Blog2018 (8) TMI 1416X X X X Extracts X X X X X X X X Extracts X X X X ..... 2009, in our considered opinion, the AO could not have once again made a fresh addition in respect of 100 gold bars found at the time of later search carried out in January, 2012, simply on the ground that the gold bars found in the locker were physically different as these were purchased at a later date from those declared before the Settlement Commission. The assessee has specifically submitted that the gold bars earlier declared were exchanged later on with the new gold bars which were placed in the bank locker and found at the time of search. The AO simply dislodged the claim of the assesses on the premise that they could not place on record any evidence of such exchange. He has not pointed out anywhere in the orders that the invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... searched. During the course of search, 100 gold bars weighing 1 kg. each were found out of which 38 gold bars were seized. During the course of search of lockers, statement of Shri Shishir Agrawal was recorded on 07.03.2012, relevant parts of which have been reproduced in the assessment order. Shri Shishir Agrawal stated in the course of search of lockers that a search was earlier conducted on M/s Gopal Zarda in the year 2009. He stated to have declared undisclosed income during the course of such earlier search, out of which investment was made in gold, which was found from the locker. On being called upon to explain as to how the gold found from the locker was purchased and how the payment was made, the assessee stated that the gold was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso investment of such income in 114 (33 + 81) gold bars each weighing 1 kg. As against the availability of such 114 kgs. of gold with them, the total amount of gold bars found during the course of search is 100 bars of 1 kg. each. The assessee not only declared income before the Settlement Commission, but, the fact that the gold bars were purchased out of it has also been recorded in the Settlement Commission s order. It is not disputed that such order passed by the Settlement Commission has attained finality. This, therefore, establishes that both the assessees declared income during the course of original search in 2009 in respect of 114 gold bars. That apart, Wealth Tax returns showing so much gold were also filed. Now, in the instan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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