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TMI Blog2024 (3) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... to the demonetization period specially in the period of festivities that of Dussehra and Diwali has sold the bullions. HELD THAT:- As the assessee has given required PAN details of the customers from the stock register entry, these details were as per the guideless of the Revenue in cases of the transactions related to the bullion where the mandatory form has been filed stating therein that the assessee is not required to prove the identity and creditworthiness of purchasers who have purchased the goods below 2 lakhs. Thus, the ground of the Revenue is dismissed but through this observation the ground contested by the assessee in assessee s appeal that of ground nos. 1 to 5 is allowed. As regards assessee s ground related to confirmation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out any basis or comparable cases and without any material on record to prove that such income is earned by the appellant. 4. The learned CIT (A) erred in law and on the facts of the case in making an addition of Rs. 10,00,000/- as suppressed income from sales on cash basis of Rs. 58,51,566/- only because the identity of purchasers is not proved when the appellant is not under any obligation to maintain record of purchasers in cash against delivery. 5. Without prejudice to above grounds, the addition in respect of cash sales of Rs. 10,00,000/- is excessive and requires to be reduced substantially. 6. The learned CIT (A) erred in law and on the facts of the case in confirming addition of Rs.5000000 being made on protective basis. 7. The lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Afzal Savjani was recorded on 27-12-2016 and on 06-01- 2027 u/s. 131(1A) of the Act. During the course of statement recorded on 27-12-2016, he mentioned some instances from where he had collected cash in old high denomination notes directly from the parties which included the office of GS Bullion, C.G. Road. Therefore, a survey action was carried out at the business premises of M/s. G.S. Bullion on 24-01-2017 at the above office premises. The return of income was filed by the assessee on 15-07- 2017 declaring income of Rs. 33,48,550/- . The case of the assessee was selected for complete scrutiny. Consequently, a notice u/s. 143(2) of the Act was issued on 14-08-2018 requiring the assessee to furnish necessary details. A notice u/s. 142(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of Raj Enterprises which was subsequently transferred to the Shy Bullion by way of RTGS u/s. 68 r.w.s. 115BBE. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The ld. CIT(A) partly allowed the appeal of the assessee. 5. The ld. D.R. submitted that the CIT(A) was not right in deleting the addition of Rs. 1,14,00000/- made by the Assessing Officer u/s. 68 r.w.s. 115BBE. The ld. Departmental Representative submitted that the assessee is a non-filer and cash was deposited after the demonetization period and in fact from the details the purchasers were family and relative. The ld. Departmental Representative further submitted that the forensic report that the details were prepared after demonetization a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s by the assessee. 7. We have heard the rival contentions and perusal the relevant materials available on record. As regards the Revenue s appeal, the CIT(A) has given a categorical finding that when the cash sales of Rs. 55,48,434/- is made to the identified person is proved, there is no reason to hold such sales as not proved. The assessee produced complete purchases/sales register and daywise stock position for cash sales made on the said dates. The sales is put on paid stock and the complete details in this regard was submitted during the assessment proceedings by the assessee. The cash sales therefore was rightly accepted by the CIT(A). As regards the contention of the ld. D.R. that the observation of the forensic report that the detai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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