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TMI Blog2022 (9) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... se, the AO cannot resort to the balance sheet filed by the assessee during the course of assessment proceedings to pick up the item of inventory of gold and make addition for the same. If that be the logic, then the AO will end up making addition for all the items of assets shown in the balance sheet, which is unfounded. We, therefore, order to delete the addition. Appeal is partly allowed. - ITA No.1695/PUN/2019 - - - Dated:- 21-9-2022 - Shri R.S.Syal, Vice President And Shri Partha Sarathi Chaudhury, Judicial Member For the Assessee : Shri Hari Krishan For the Revenue : Shri Ramesh P. Murkunde ORDER PER R.S.SYAL, VP: This appeal by the assessee is directed against the order passed by the CIT(A)-2, Nashik on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the addition made by the AO. Aggrieved thereby, the assessee has approached the Tribunal. 4. We have heard the rival submissions and gone through the relevant material on record. It is an undisputed fact that the assessee is engaged in business of sale and purchase of jewellery and filed return declaring income under presumptive scheme at 8% of the gross revenue. It is also equally undisputed that the assessee maintained the above said two bank accounts which were not declared. The AO has added all the deposits in these bank accounts for making the addition. We have gone through these bank accounts. Copy of the first bank account is placed at page 67 onwards of the paper book, from which it can be seen that there are only cash deposits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum up, there will be two additions on account of these two bank accounts; (1) peak balance from the two accounts will be added separately and subjected to tax at the rate prescribed u/s.115BBE; and (2) profit from such sale of jewellery outside the books of account as recorded as deposits in the bank accounts will be charged to tax @ 8% at normal rate of taxation. 6. The only other ground which survives in this appeal is against the confirmation of addition of Rs.22,84,500/-. The facts apropos this ground are that the assessee furnished a balance sheet during the course of assessment proceedings at the instance of the AO, in which investment in gold jewellery was shown at Rs.22,84,500/-. The AO treated such amount as unexplained investm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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