https://www.taxtmi.com/caselaws?id=186645 Deletion of additions for alleged undisclosed income from sale of jewellery was upheld where the purchasers were identifiable, the sale proceeds were accounted for, and affidavits supported the genuineness of the transactions. The Court accepted the Tribunal's reliance on earlier precedent involving similar sales under the Voluntary Disclosure of Income Scheme, 1997, and found the Revenue's attempted distinction unpersuasive. In the absence of any contrary material from the Assessing Officer, and without examining the alleged middleman or proving the sales were sham, the allegation of non-genuineness could not stand. The genuineness of the transactions in the purchasers' hands was also not doubted. en-us Wed, 26 Aug 2009 00:00:00 +0530 Mon, 26 Sep 2016 11:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186645 Deletion of additions for alleged undisclosed income from sale of jewellery was upheld where the purchasers were identifiable, the sale proceeds were accounted for, and affidavits supported the genuineness of the transactions. The Court accepted the Tribunal's reliance on earlier precedent involving similar sales under the Voluntary Disclosure of Income Scheme, 1997, and found the Revenue's attempted distinction unpersuasive. In the absence of any contrary material from the Assessing Officer, and without examining the alleged middleman or proving the sales were sham, the allegation of non-genuineness could not stand. The genuineness of the transactions in the purchasers' hands was also not doubted. Case-Laws Income Tax Wed, 26 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186645