https://www.taxtmi.com/caselaws?id=330711 The High Court remanded the case back to the Assessing Officer to verify if the items sold matched those declared under VDIS. Despite the different form of the items, evidence confirmed the same quantity of gold, silver, and diamonds declared under VDIS was sold. The Tribunal concluded that the revenue authorities' addition was unjustified as the VDIS declaration and tax payment should have prevented further additions based on the sale proceeds. Therefore, the CIT(A)'s decision was overturned, and the addition was removed, favoring the appellant. en-us Thu, 30 Jun 2016 00:00:00 +0530 Wed, 03 Aug 2016 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330711 The High Court remanded the case back to the Assessing Officer to verify if the items sold matched those declared under VDIS. Despite the different form of the items, evidence confirmed the same quantity of gold, silver, and diamonds declared under VDIS was sold. The Tribunal concluded that the revenue authorities' addition was unjustified as the VDIS declaration and tax payment should have prevented further additions based on the sale proceeds. Therefore, the CIT(A)'s decision was overturned, and the addition was removed, favoring the appellant. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330711