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TMI Blog2016 (7) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... ustification 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.82/Bang/2016 Assessment year : 1998-99 - - - Dated:- 4-7-2016 - Shri Sunil Kumar Yadav, Judicial Member Appellant by : Shri Ravishankar, Advocate Respondent by : Smt. Swapna Das, Jt. CIT(DR) ORDER T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces 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 assessment. 8. The appellant craves leave to add, alter, modify, delete or substitute any or all of the grounds and to file a paper book at the time of hearing the appeal. 9. In view of the above and other grounds that may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and the evidence of conversion of the gold, silver and diamond jewellery into gold silver bullion and diamonds. 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 silver bullion and diamonds and the evidence of conversion of gold, silver and diamond jewellery into gold silver bullion and diamonds. From this evidence, the assessee has tried to explain that the same quantity of gold, silver and diamond which was decl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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