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TMI Blog2016 (8) TMI 1497X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee. Even if A.O. has some material to reject the assessee s contention, he should provide an opportunity to the assessee to seek his explanation on such material. Such material does not carry any evidential value in the absence of opportunity to the assessee. Any assessment framed on the basis of such material does not stand in the eye of law - addition made in the assessment order cannot sustain as per law and accordingly the same is directed to be deleted - See SH. MOHAN LAL AGARWAL [ 2013 (1) TMI 570 - ALLAHABAD HIGH COURT] case - Decided in favour of assessee. - ITA No. 362/Del/2007 - - - Dated:- 19-8-2016 - SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER For The Appellant : Sh. F.R. Meena, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Sh. Manoj Aggarwal, Sh. Bishan Chand Aggarwal and their business associates and it was held in their block assessment proceedings that they had no real business but were only providing accommodation entries in the garb of purchase and sale of jewellery. The Assessing Officer, relying on the block assessment order in the case of M/s. Bishan Chand Mukesh Kumar, held that the sale of jewellery shown by the assessee to M/s. Bishan Chand Mukesh Kumar is bogus and considered the entire sale proceeds of ₹ 40,95,131/- along with commission @ 0.50%, amounting to ₹ 20,476/- (total addition of ₹ 41,15,607/-) as income from undisclosed source being the amount paid and obtained an accommodation entry on the alleged sale of jewellery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Income Tax (Appeals) has held that the existence of the jewellery was proved from the VDIS, 1997 declaration and the assessee has claimed the sale of the same jewellery, which got tallied with the purchase bills issued by the buyer. He further held that the Assessing Officer has not provided any opportunity to the assessee to explain the material facts on which the Assessing Officer made the addition. Accordingly, he deleted the addition. The relevant findings of the learned Commissioner of Income Tax (Appeals) are reproduced as under: 9. The submissions of the appellant and facts of the case has been considered very carefully. I have also perused the decisions cited above in support of the appellant s contention. One fact clearly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to prove that the said jewellery is still existing with the assessee even after the impugned sale. No concrete evidence is forthcoming on this issue to suggest that the assessee is still owning the jewellery in question. On the other hand the assessee has shown that the jewellery declared under VDIS, 1997 has been physically transferred to the buyer and tallied with the items in the purchase bills issued by the buyer and proceeds have been received through banking channel. The buyer has confirmed the transaction and denied that he ever made any statement before any authority about bogus nature of purchases/sales. The buyer is assessed to IT and ST Acts. The A.O. could not point out any discrepancy in the evidences relied by the assessee n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l available on record. We are inclined to agree with the submissions of learned counsel for the assessee that the issue involved in this case is squarely covered by the earlier decision of the Tribunal relied upon by the assessee. The earlier decision of the Tribunal also relate to the same search proceedings. Learned CIT(A) has rightly concluded that no specific fact has been brought on record to show that the assessee has entered into sham transaction with M/s. Bishan Chand Mukesh Kumar. Respectfully following the earlier order of the Tribunal, we are not inclined to interfere with the order of the learned CIT (A). 9. Further, in the case of Commissioner of Income Tax Vs. Mohan Lal Agarwal, reported in [2013] 35 taxmann.com 258 (Ald.) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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