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TMI Blog2023 (5) TMI 743X X X X Extracts X X X X X X X X Extracts X X X X ..... ng officer made the addition was on the ground that the gold, bullion lacked distinctive identification numbers on the challans. The correctness of this finding was considered by the learned Tribunal and the learned Tribunal agreed with the finding recorded by the CIT(A) at page 4 of the order dated 30th October, 2019. The Tribunal has extracted the relevant paragraphs at the said order. From paragraph 8 of the impugned order we find that the factual findings recorded by the CIT(A) was not controverted by the department and the Tribunal having been satisfied with the factual conclusion arrived at by the CIT(A) agreed with the same and dismissed the revenue's appeal. Stand taken by the assessee that the gold and ornaments were given t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the Learned Tribunal has committed substantial error in law by not considering that the copy of invoice of purchase produced by the assessee is having a receipt dated 04.07.2016 which is not earlier than the date of seizure of gold bullion on 01.07.2016. iv) Whether the Learned Tribunal was committed substantial error in law by not considering the applicability of section 292C(1) of the Income Tax Act in the present case because the assets/gold were found at the custody of the assessee when he was caught by the search party and the assessee failed to establish the actual ownership of the assets inspite of opportunity given to him. v) Whether the Learned Tribunal has committed substantial error in law by relying the observ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of some of the ornaments. Further this statement was duly corroborated by each of the parties, who had given this gold and jewellery to the assessee for manufacturing of jewellery or for re-polishing of jewelleries etc. Further the assessee contended that in response to the notices issued under Section 131 of the Act the parties who were noticees before the assessing officer had confirmed the statement given by the assessee and there was no adverse material in the hands of the assessing officer to make addition in the hands of the assessee. The various factual findings recorded by the CIT(A) were referred to by the assessee and the assessee sought to sustain the said order. The learned Tribunal first noted the facts of the case and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antial questions of law, arising for consideration in this appeal. Mr. Soumen Bhattacharjee, learned standing Counsel for the appellant revenue, places reliance on the decision of the Hon'ble Supreme Court in the case of Chuharmal s/o Takarmal Mohnani -vs- Commissioner of Income Tax, M.P. Bhopal , (1988) 3 SCC 588. On going through the facts of the said case which are noted by the Hon'ble Supreme Court in paragraph 6 of the judgement, it was a case where the petitioner did not adduce any evidence, far less discharged the onus of proving that the wrist watch in question did not belong to the petitioner. As noted in the preceding paragraph, the CIT(A) on an examination of the facts found that the stand taken by the assessee that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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