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TMI Blog2016 (8) TMI 1451X X X X Extracts X X X X X X X X Extracts X X X X ..... nal income under Voluntary Disclosure of Income Scheme (VDIS), 1997 and paid the due tax on the said income disclosed which was accepted by the department. During the scrutiny assessment proceedings the Assessing Officer asked the assessee to produce the relevant document in support of the deposit made in the Bank. The assessee explained that the deposits in the Bank are in respect of sale of gold and diamond as declared under VDIS, 1997. The Assessing Officer did not accept the explanation of source of deposit on the ground that what was declared in VDIS was jewellery items whereas the assessee is showing the sale proceeds from gold and diamond, not jewellery item. Accordingly, the Assessing Officer made an addition of Rs. 11,49,971 under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onverted the jewellery into gold and diamond for which the assessee has produced a certificate of the jewelers. The learned Authorised Representative has then referred to the bill/cash memo under which the converted gold bullion and diamonds were sold. He has pointed out that the conversion quantity and the sale quantity matches. Even the quantity of diamond as declared in the VDIS and which was sold subsequently is same in carats. He has referred an identical case of one Poonamchand M Oswal wherein while passing the assessment order the Assessing Officer has accepted the sale proceeds of gold and diamond after conversion from jewellery as declared in the VDIS. The learned Authorised Representative has also relied upon the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and VDIS declaration do match without any discrepancy. The bullion converted from the jewellery was sold by the assessee vide billdt.18.12.1997. Subsequently, the assessee has also sold the diamonds vide bill dt.16.2.2008. All these records were produced by the assessee before the Assessing Officer. It is manifest from the documents produced by the assessee that the gold jewellery items which were converted into bullion are identical as jewellery shown in the VDIS, 1997. The diamond items are also matching in the weight in carats a shown in the declaration of VDIS, 1997 and purchase bill. Therefore as far as the quantity and items which are declared in the VDIS, 1997 and which are subject matter of conversion and subsequent sale, there is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat it was holding a licence. A Look at the purchase bill issued by the concerns namely Shri. Mahalaxmi Jewellery and M/s. Sheetal Exports, show that they were having KST and CST registration numbers. In my opinion, these evidence do tilt the case in favour of the assessees. Assessees had done whatever possible, within their means to show that the gold and diamond sold by them were the same gold and diamond declared in VDIS, after conversion. Assessees had submitted copies of bills issued by M/s. Balaji Refinery which did show similar details of gold and diamond as returned in the VDIS. In such situation we are of the opinion that assessees had discharged their onus to show that the gold and diamond sold by them were the same which were dec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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