9911796707
TMI Blog2019 (5) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... e agree with their contentions. It is indeed perverse. In paragraph 4 of the impugned order the tribunal has narrated that in the year ending 31st March 1997 the audited statement of accounts of Khagendranath Nandi, the assessee s grandfather declared that he had pledged gold weighing 927.17 gms. This is even less than 1 kg. Then it goes on to rely on a chartered accountant s certificate that as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal to make a proper finding on facts on it upon hearing the parties, by a reasoned order. The tribunal will then decide the question of law arising therefrom with reference to section 28(iv). The tribunal will pronounce its decision within three months of communication of this order. We also make it clear that our observation above are to be taken as tentative and the tribunal will be at libe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld from various customers in the hands of the assessee. As he could not redeem it, he converted the gold into his property and was thus liable to tax under section 28(iv) of the Income Tax Act, 1961. The assessee attributed stock of gold to inheritance. He said that he inherited it from his grandfather. He died in 1997. Thus it was not income, according to him. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ator would have straightway discarded that certificate as false and fraudulent and taken steps against the chartered accountant. On the contrary this was accepted and acted upon by the tribunal which came to the finding that this quantity of gold was indeed pledged gold which become the property of the assessee. The question of law whether the pledged gold is taxable as income unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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