TaxTMI 
TaxTMI 
2013 (12) TMI 597
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....arent from record, which needs to be rectified under Section 254 (2) :- "The above appeal was disposed of by the Tribunal by its order dated 12/06/2013. The Appellant above named beg to present this application for considering the stand taken by the appellant during the said tribunal hearing and there by rectification of certain points ignored and which are apparent from record in the said order. 1. In its order, Hon'ble ITAT court has observed that 'the appellant has submitted that Opal Industries is a well known watch marketing co'.- page 7 point no 7. What has been submitted is that - interalia, said company is also dealer in jewellery, precious metal. (Precious metal includes Gold and silver) - page 23 last para and page 94 of sub....
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....s, there are 15 cartoons transferred.- pg 54 of submission dt 18/04/2013. 6. In its order, Hon'ble ITAT court has observed that reimbursements are actually discount. - Point no.14 on page no. 13. The appellant has actually paid on purchase of goods. Subsequently, on satisfaction of conditions with principal, it actually received amounts. There was never a journal entry nor a book entry nor a understanding to reduce cost of (goods. - page 59 and page 34 of submission dt 18/07/2012 7. In its order, Hon'ble ITAT court has observed that gold coins has been supplied and had been inserted in handset - Point no.16 on page no 23. (a). The supplier has, in his statement of oath, administered by Income Tax Officer that he has sold. - (A.12 d....
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....ich were inserted in the handset of the mobile phones. For this purpose, gold bars of 68 kgs. were purchased from Mumbai and were sent to Opal Industries, Pune for converting the same into gold coins of 20 gms each. The AO after a detail enquiry and examination of the records as discussed in the assessment order, came to the conclusion that such a claim of expenditure of the assessee, is bogus. In the course of the First Appellate proceedings, again enquiries were conducted by the CIT(A), through Assessing Officer and in pursuance thereof, two remand reports were submitted, wherein detail examination of the evidences were carried out and enquiries were conducted to rebut the explanation and the claim of assessee. In sum and substance, the r....
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....onclusion have been given on every aspect of the material placed on record and thereafter a definite conclusion has been arrived at. 4. In point No.1, the assessee had contended that M/s Opal Industries was also a dealer in jewellery and precious metals, besides being well known watch manufacturing company. In this regard, the Tribunal after appraising the facts and material on record, has held that, firstly, the owner of M/s Opal Industries, Pune, has denied such transaction at the first instance and then he has backtracked in the form of affidavit, wherein various discrepancies in such an affidavit has been highlighted by the Tribunal in the order; secondly, there is nothing in the record that Opal Industries was carrying out the busin....
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....rial placed on record by the assessee itself. It has not been pointed by the learned counsel as to how it will make any difference on the conclusion arrived at by the Tribunal. The Tribunal has recorded a concurrent finding of fact. Beside that the Tribunal has noted the sequence of events, for instance, first consignment of gold coins, which were for 950 pieces, totaling 19 kgs., how it was carried on 14-6-2005, when the sale invoice itself shows the purchase of bars on 16-6-2005; and secondly how such a huge quantity has been converted in short span and transported and sent back to Mumbai, without any invoice passing through Octroi. Thus, we do not find any merit in point No.2 as raised by the assessee, so as to fall within the realm of S....
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....s, that it has received the amount. The Tribunal has demonstrated that whatever the amount has been received by the principal was in the form of marketing budget of US$ 5 per handset, which was nothing but fixed advertisement budget and there is no correlation with reference to the particular scheme of the assessee of being reimbursement of the cost of the gold coins, aggregating Rs.4,77,58,412/-. 10. In point No.7, the assessee has stated various points which was based on the affidavit/statement of the supplier M/s Opal Industries. This aspect of the matter has been dealt in much detail, wherein each and every point of the affidavit has been dealt by the Tribunal and not only that, a detail analysis has also been given, based on which t....