9911796707
TMI Blog2023 (2) TMI 761X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.09.2019, 09.10.2019 & 27.09.2019. The assessments were framed by the ACIT, Central Circle-1, Madurai for the assessment year 2016-17 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act'), vide orders dated 29.12.2017, 28.12.2017 & 29.12.2017. 2. At the outset it is noticed that the appeals in ITA No.3427 & 3429/CHNY/2019 are time barred by 9 days. It is noticed from Form 36 that the order of CIT(A) was received on 19.10.2019 and appeal was to be filed on or before 18.12.2019 but appeal was actually filed on 27.12.2020. The assessees have filed affidavit for condonation of delay stating the reason that the assessee has requested his Chartered Accountants to file appeal but due to filing returns of income and GST returns, the Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion. Accordingly the same was brought to tax by the AO as unexplained and further he valued this unexplained gold of 2700.50 grams @ Rs.2543/- per gram as on 17.11.2015 and valued the same at Rs.68,67,371/- and also added 5% of making charges at Rs.3,43,369/- thereby confirmed the addition of Rs.72,10,740/-. Aggrieved assessee preferred appeal before CIT(A). 5. The CIT(A) allowed the rebate of gold jewellery as per CBDT Instruction No.1916 dated 11.05.1994, which is for the purpose of not to seize jewellery if it found, even if it is not found explained and that is restricted to seize per the Board Circular in Item No.(ii) as under:- "(ii) In the case of a person not assessed to wealth-tax gold jewellery and ornaments to the extent of 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not make the addition. To this proposal, the ld.AR as well as the ld.CIT-DR fairly agreed that at this stage it is not possible to verify each and every entry and each and every bill which is placed before us for the first time. 7. After hearing both the side s and going through the case records and paper-books filed in all the three appeals by different assessees, it is noticed that the assessees have purchased this gold through banking channels or through accounting entries, this needs verification. Hence, all these three appeals are remanded back to the file of the AO and orders of AO as well as the CIT(A) restricting the addition are set aside. The assessees will file all these details before AO, who will verify and examine in detail ..... X X X X Extracts X X X X X X X X Extracts X X X X
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