9911796707
TMI Blog2016 (6) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Rs. 4,85,110/- against the declared total income of Rs. 72,310/- on the facts and circumstances of the case. 3. The learned CIT (A) is not justified in confirming the addition of Rs. 4,12,800/- under section 68 of the Act on the facts and circumstances of the case. 4. The learned CIT(A) was not justified in confirming the finding of the AO that the nomenclature as per the declaration differed from the sale invoice and hence the said sale was out of gold, silver a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o introduction of cash in the books of accounts of the assessee on sale of gold, silver and diamond which were declared under Voluntary Disclosure of Income Scheme, 1997 (VDIS). 3. During the course of assessment proceedings, the Assessing Officer has noted that certain introduction of cash was explained by the assessee to have been introduced on account of sale of gold, silver and diamond. It was also contended by the assessee that under VDIS, the assessee has declared the gold ornaments/jewellery, silver and diamonds. The declaration was accepted under VDIS and later on gold, silver and diamond jewellery was converted into gold and silver bullion which were sold and the sale proceeds were introduced in the books of account. The AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rival submissions, we find that the same quantity of gold, silver and diamond which were declared under VDIS was sold. Though the assessee has declared the gold, silver and diamond jewellery in different form under VDIS, but in sale bill the assessee has sold gold and silver bullion. The assessee has filed evidence with respect to conversion of gold and silver jewellery into gold bullion and silver bullion. 9. Since the same quantity which was disclosed under VDIS was sold, we find no justification in making the addition on introduction of sale proceeds in the books of account. Once the Revenue has accepted the declaration under VDIS and accepted the tax deposited by the assessee, it should not have made a further addition on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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