2008 (12) TMI 32

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..... n of the assessee - I.T.A.T. holding that assessee had discharged his onus of explaining genuineness of the sale of jewellery to M/s RKE - finding of the Tribunal is a finding of fact based on appreciation of evidence and material on record – revenue’s appeal is dismissed
ADARSH KUMAR GOEL and L. N. MITTAL JJ. Ms. Urvashi Dhugga, Standing Counsel for the Revenue. JUDGMENT [ADARSH KUMAR GOEL .....

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..... income and found as a result of search and seizure at the residence of Mr. Pardeep Kumar Gupta, Director of M/s RKE. The Assessing Officer did not accept the explanation of the assessee. Same view was taken by the CIT (A), but the Tribunal held that explanation of the assessee was genuine. The Tribunal referred to its earlier order dated 16.09.2005 in the case of Shri Anil Talwar. The Tribunal in .....

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..... mpany stood concluded without any adverse inference, the onus clearly shifted on to the revenue. Now, the onus was on the AO to lead evidence to demolish the case of the assessee. No adequate and credible evidence has been brought on record by the Assessing Officer. The said Mr. Pardeep Kumar Gupta has been subjected to a search operation by the revenue u/s 132(1) of the Act and the investigations .....

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..... o draw adverse inference with respect to the impugned transaction. This is especially in the light of the fact that the transactions with the assessee have been accepted by the Department in the assessment proceedings of the purchaser company, as noted by us in the earlier paragraphs. 8. Another aspect which has a bearing on the case is that similar transaction of sale of jewellery was noted by t .....

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..... the sale transaction are similar to those taken by the Assessing Officer in the instant case. The Tribunal, after considering the entire material on record and the circumstances held that the sale of jewellery stood explained. The Tribunal was satisfied with the same set of evidence and material with respect to RKE that is presently before us. Thus, we are inclined to uphold the stand of the asses .....

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