9911796707
TMI Blog2023 (4) TMI 799X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed for the Assessment Year 2013-14, and continued in the following AY 2014-15 and AY 2015-16. Under the facts and circumstances, no addition would be called for the AY 2017-18 on account of investment in Silver Articles of 22kgs per se - Addition deleted - Decided in favour of assessee. - I.T. A. No. 98/Asr/2020 - - - Dated:- 30-3-2023 - DR. M. L. MEENA, ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE, JUDICIAL MEMBER For the Appellant : Sh. Ashray Sarna, CA For the Respondent : Sh. Girish Bali, CIT DR ORDER Per Dr. M. L. Meena, AM: The present appeal has been filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)-5, Ludhiana dated 21.10.2019 in respect of Assessment Year 2017-18. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2017-18. 4. The assesse being aggrieved, went in appeal before the Ld. CIT(A) who has confirmed the addition by observing as under: The facts of the case, basis of addition made by the AO and arguments of the AR during the course of appellate proceedings have been considered. The AR has argued that the diamond jewellery came to assessee on the occasion of Nupur Kunal marriage and the assessee was having sufficient funds with her family to make investment in Diamond jewellery as the said investment was made by her father-in-law Sh. Rakesh Sabharwal by withdrawing the cash out of his saving bank account. It was also submitted that the AO did not ask the assessee to produce bills of purchase of jewellery at the time of assessment. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll No. 248 249 both dated 23.10.2007 of M/s. N. K. Satyam Jewellers, Jalandhar in the name of Sh. Rakesh Sabharwal showing purchase of Diamond Jewellery. On perusal of the bills details mentioned thereon, they does not appear to be non-genuine and the existence of the jeweller has also not been doubted by the AO in the remand report where it is mentioned that the firm has been closed for 7 to 8 years meaning thereby that it was in existence during the period relating to which the bills have been produced by the assessee (i.e. October, 2007). The bank account of Sh. Rakesh Sabharwal shows withdrawal of the cash and on the basis of the documents filed, the source of diamond jewellery is explained. However, no bills/documents have been fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same have been assessed for previous years. Sir, it is submitted that considering the above orders it is requested that no addition should be made in the hands of assessee for the year under consideration. 6. Per contra, the Ld DR although supported the impugned order, however, he has failed to rebut the contention raised by the counsel. 7. Heard rival contentions, perused the material on record, impugned order, written submission and case law cited before us. Admittedly, the disputed silver articles weighing 22kgs was claimed to have been received by the appellant from her parents at the time of her marriage in 2004. However, the Ld. CIT(A) observed that since, no bills/documents have been filed in support of such acqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount not chargeable to fax, the Assessing Officer recorded reasons, to believe that wealth amounting to Rs.70,78,285/- had escaped assessment represented by the jewellery and investment made by her in immovable properties found belonging to her and initiated proceedings u/s 17(1) of the Wealth Tax Act, 1957 (for short the Act ) by issuing a notice under that section on 16.03.2020 after obtaining statutory approval from the Joint Commissioner of Wealth Tax, Central Range, Jalandhar. In response to this notice, return of net wealth was filed by her on 02.11.2020 declaring total wealth at Rs.37,30,510/. Notices u/s 16(1) and 16(2) of the Act dated 05.11.2020 were issued to the assessee, in response to which the assessee through his auth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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