Genuineness of jewellery sale required fresh verification, leading to remand for independent factual finding and reconsideration.

The genuineness of the alleged jewellery sale remained unproved on the existing record, as the receipts could reflect either a real transaction or an accommodation entry. Because the material before the appellate forum was incomplete, including the need to verify the purchaser's books and supporting evidence, the matter was restored to the Assessing Officer for fresh examination. The assessee was to be given an opportunity of hearing, and a fresh independent factual finding was required on whether the sale was genuine. The Revenue's appeal was allowed for statistical purposes.

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Issues: Whether the alleged sale of jewellery by the assessee was genuine and, in view of the earlier direction requiring an independent finding on that question, the matter should be remitted for fresh examination.

Analysis: The dispute turned on whether the receipts shown as sale consideration for jewellery represented a real transaction or an accommodation entry. The record was considered insufficient for a conclusive finding at the appellate stage, and the issue required verification of the purchaser's books, supporting evidence, and related factual material. In view of the earlier direction to return a clear finding on genuineness, the proper course was to restore the matter to the Assessing Officer for fresh consideration after giving the assessee an opportunity of hearing.

Conclusion: The issue was remitted to the Assessing Officer for fresh adjudication on genuineness of the jewellery sale, and the Revenue's appeal was allowed for statistical purposes.

Ratio Decidendi: Where the genuineness of a jewellery sale is ined on incomplete material and the appellate forum is required to return an independent factual finding, the matter may be remanded for verification and fresh decision after affording due opportunity to the assessee.

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