9911796707
TMI Blog2024 (4) TMI 1138X X X X Extracts X X X X X X X X Extracts X X X X ..... as income from other sources. Provisions of section 69C of the Act do not apply as the impugned item is income and not investment. In our view, provisions of section 115BBE of the Act would apply if the income of the assessee is either declared or assessed u/s 68/69/69A/ 69B/69C/69D of the Act. But facts of the case in hand show that the assessee has declared income from commodity trading, which has been accepted as such by the Assessing Officer. Entries on the documents seized relate to offline commodity trading transactions relating to the assessee and the amount of profit is reflected on the account of these transactions. Transaction reflected on the seized paper represents future contract of purchase and sale of gold and silver on vario ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard at length. Case records carefully perused. Relevant documentary evidence brought on record duly considered in light of Rule 18(6) of the ITAT Rules. 5. Briefly stated, the facts of the case are that a seizure and search operation u/s 132 of the Act was conducted on 03.08.2016 and on subsequent dates in different business and residential premises of Mahagun Group of Companies. 6. During the course of search and seizure operation at the premises of Mahagun India Pvt Ltd, incriminating documents which were found and seized contained details of commodity trading done by Shri Dheeraj Jain to the tune of Rs. 12.45 crores. Documents so found were confronted to the brother of the assessee who admitted unaccounted income on account of commodity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessed u/s 68/69/69A/ 69B/69C/69D of the Act. But facts of the case in hand show that the assessee has declared income from commodity trading, which has been accepted as such by the Assessing Officer. 12. Entries on the documents seized relate to offline commodity trading transactions relating to the assessee and the amount of profit of Rs. 12.45 crores is reflected on the account of these transactions. 13. In our considered opinion, transaction reflected on the seized paper represents future contract of purchase and sale of gold and silver on various dates. Since the income has been accepted by the Assessing Officer, it can be safely presumed that the transactions recorded in the seized documents do not have any different character than ..... X X X X Extracts X X X X X X X X Extracts X X X X
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