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TMI Blog2019 (7) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... #39; (for brevity, "the Tribunal"), in I.T.A.No.2686/Mds/2005 for the assessment year 2002-03. 2.The above appeal has been admitted, on 08.07.2008, on the following substantial question of law:- "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in deleting the addition of Rs. 2,65,16,037/- on account of value of gold and diamond in Peak in WPS account, even though the additions made by the assessing officer and confirmed by the Commissioner of Income Tax (Appeals) and the Tribunal not considering the materials available on record including the seized material is valid?" 3.Heard Mr.T.R.Senthil Kumar, learned Senior Standing Counsel for the appellant/Revenue; and Mr.A.S.Sriraman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t over to the assessee after receiving charges for the same. 7.To be noted that all the details of the names of the persons, quantity of gold etc., were culled out from the computer statement maintained by the assessee under the head 'work in progress'. We have perused the remand report given by the Assessing Officer dated 23.08.2006. From the remand report, it is seen that the assessee filed a letter dated 07.08.2006 and furnished the names and addresses of 22 customers and 56 workers who were working with the assessee. The Assessing Officer examined the customers of the assessee on oath under Section 131 of the Act on 17.08.2016 and 18.08.2006 and their sworn statements were recorded. The Assessing Officer would state that all t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. 12.In the instant case, the details were culled out from the books maintained by the assessee. The assessee, no doubt, did not offer convincing explanation before the Assessing Officer, but raised a plea before the Tribunal that they are willing to produce all the names of their customers as well as their workers who can be examined. The Tribunal was convinced with the stand taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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