1981 (3) TMI 127

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....M/s Handora & Co. on 16th Jan., 1970 and the remaining two sales were made to Moolchand Pukhraj and Co. On 23rd Jan., 1970 and 19th Feb., 1970 respectively. The assessee was called upon to prove the source of acquisition of the gold ornaments that were allegedly sold. Sale memos were produced before the ITO. The ITO observes: "From the local enquiries I find that deposits do not appear to be genuine". Before the ITO, the assessee contended that the gold ornaments belonged to his mother and she had parted with them to the assessee and then they had been sold by the assessee. This is how, the sale proceeds were credited by the assessee to his account. The ITO observes that firstly there was no need for the assessee to purchase the gold orname....

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....ee by the deponent. It was also deposed that the gold ornaments were given to the assessee, as the deponent was not in need of them. Smt. Liladevi was not examined by the AAC. We find from the order of the AAC that he rejected the affidavit of Smt. Lila Devi on flimsy grounds. The observations of the AAC, in this behalf, are as follows: "A reading of affidavit of Smt. Lila Devi will show that the same has been prepared keeping in view the stand already taken before the ITO. The affidavit do not state all the facts of the case like the total gold holding of Smt. Lila Devi, at the time of sale of gold, the balance quantum of left over gold, period during which the said gold were got made to her by her late husband Sh. Sirimal Kanter and wh....