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TMI Blog2016 (7) TMI 1535X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.137/Bang/2016 Assessment year : 1998-99 - - - Dated:- 4-7-2016 - Shri Sunil Kumar Yadav, Judicial Member Appellant by : Shri Shantilal R. Jain, CA Respondent by : Smt. Swapna Das, Jt. CIT(DR) ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they all relate to introduction of cash in the books of accounts of the assessee on sale of sliver and diamonds 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 silver and diamonds. It was also contended by the assessee that under VDIS, the assessee has declared the silverware and diamonds. The declaration was accepted under VDIS and later on silverware was converted into silver bullion and diamonds which were sold and the sale proceeds were introduced in the books of account. The AO has raised a technical objectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same quantity of silver and diamonds which were declared under VDIS was sold. Though the assessee has declared the silverware in different form under VDIS, but in sale bill the assessee has sold silver bullion and diamonds separately. The assessee has filed evidence with respect to conversion of silverware into silver bullion and diamonds. 9. 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 book ..... X X X X Extracts X X X X X X X X Extracts X X X X
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