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TMI Blog2016 (6) TMI 1366X X X X Extracts X X X X X X X X Extracts X X X X ..... ately. The assessee has filed evidence with respect to conversion of silverware into silver bullion and diamonds. Since the same quantity which was disclosed under VDIS was sold, I 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 account of introduction of sale proceeds of the said jewellery in the books of account. I therefore find no merit in the addition made by the revenue authorities. Accordingly, I set aside the order of the CIT(Appeals) and delete the addition. - ITA No.77, 80, 81, 84, 107, 108, 109, 111, 133, 139/Bang/2016 Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made. 6. The learned CIT(A) was not justified on facts in not considering the gold, silver and diamond on hand with the appellant as per the declaration, to be the same gold, silver and diamond sold on the facts and circumstances of the case. 7. Without prejudice to the right to seek waiver with the Hon'ble Chief Commissioner of Income Tax/Director General of Income Tax, the Appellant Firm denies itself liable to be charged to interest under section 234B of the Act which under the facts and circumstances of the case deserves to be cancelled. The calculation of interest under section 234B is not in accordance with law as the rate, amount and method for calculating interest is not discernible from the order of assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he matter back to the AO to give a specific finding as to, whether the items sold were the same which were disclosed under VDIS? 5. In the remand proceedings, the assessee has furnished the details of items sold and the evidence of conversion of the gold, silver and diamond jewellery into gold and silver bullion. The weight of gold and silver bullion is the same. The AO did not accept the contentions of the assessee and again made the addition. Though the assessee has tried to explain the facts with details, but it was not acceptable to the CIT(Appeals). 6. Before the Tribunal, the assessee has filed a copy of the Valuation Report, VDIS Certificate, copy of sale of gold and silver bullion and the evidence of conversion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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