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TMI Blog2020 (10) TMI 254X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. T.C.A. Sangeetha For Respondent : Mr. J. Narayanasamy Senior Standing Counsel JUDGMENT (Delivered by T.S.Sivagnanam, J.) This appeal by the appellant/assessee filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") is directed against the order dated 10.09.2014 in I.T.A.No.970/MDS/2014, passed by the Income Tax Appellate Tribunal, 'C' Bench, Chen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year under consideration (AY 2010-11), the assessee filed their return of income declaring its total income as 'Nil' and claiming exemption under Section 11 of the Act. The case was taken up for scrutiny and notice under Section 143(2) of the Act was issued on the assessee on 14.09.2011. In the scrutiny assessment, certain disallowances/additions were made and the taxable income of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the investment in gold bullion amounting to Rs. 26.85 lakhs in M/s.Prince gem & Jewellery P. Ltd. for the purpose of distribution of prizes and awards to meritorious students could not be substantiated with evidence by the Trust by way of name of student, address, etc. 5.3. The ld CIT(A) failed to appreciate that similar investment in Joyalukkas in the form of 26 gold coins weighing 50 gms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in the modes other than specified in Section 11(5) of the Act. Without examining the correctness of the said contention, the Tribunal in paragraph 8, while faulting the CIT(A) for accepting the stand taken by the assessee on the ground that there were only bald assertions, the Tribunal came to the conclusion that the purchase of gold by the assessee was not application of funds, but an investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion formed by the Tribunal holding that the purchase of gold by the assessee was not application of funds, but an investment in gold bullion, we find that the assessee has been put to prejudice. Therefore, they are required to be granted a fresh opportunity to put forth their contention. 8. In the light of the above, the appeal is allowed and the finding rendered by the Tribunal in paragraph 8 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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