https://www.taxtmi.com/caselaws?id=284099 The High Court remanded the matter back to the Assessing Officer to verify if the goods sold were the same as those declared under the VDIS scheme. Upon re-examination, discrepancies were found between the declared and sold gold, silver, and diamond items. The Tribunal upheld the findings that the jewellery sold did not match the declaration under the VDIS scheme, justifying the addition under Section 68 of the Income Tax Act. The appeals of the assessee were dismissed, emphasizing the importance of proving the consistency of goods declared and sold to avoid taxation implications. en-us Fri, 22 Dec 2017 00:00:00 +0530 Thu, 31 Oct 2019 16:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284099 The High Court remanded the matter back to the Assessing Officer to verify if the goods sold were the same as those declared under the VDIS scheme. Upon re-examination, discrepancies were found between the declared and sold gold, silver, and diamond items. The Tribunal upheld the findings that the jewellery sold did not match the declaration under the VDIS scheme, justifying the addition under Section 68 of the Income Tax Act. The appeals of the assessee were dismissed, emphasizing the importance of proving the consistency of goods declared and sold to avoid taxation implications. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284099