2014 (9) TMI 49

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....1961 by treating the sale price (received by the assessee appellant upon sale of duly disclosed and accepted stock of bullion) as a sum found credited in the books of the assessee-appellant. 2. Whether, even otherwise in the facts and circumstances of the case as found by the Tribunal namely that the stock of gold bullion acquired by the assessee appellant was duly recorded in its books of account and that the assessee appellant had been duly assessed to trade tax on sale of that bullion stock, the finding of the Tribunal to disbelieve part sale of such bullion stock is grossly perverse and against the entire weight of evidence on record and or otherwise based on mere presumptions and conjectures. During financial year 2007-08, the as....

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....l) was that the first lot of 5 kgs. of gold was purchased from the funds of the assessee and the sale proceeds were deposited in the bank account and were utilised for the purchase of second lot of 5 kgs. of gold. The CIT (Appeal) held that the asseessee has not claimed any new credit in his books of account or the bank account except for the transfer of his own funds from HDFC bank to ICICI bank. The Trade Tax Authorities had accepted the sale of 10 kgs. gold and hence it was held that without any cogent material, the cash sales made by the assessee could not be treated as bogus. When the department carried the matter in appeal to the Tribunal, the Tribunal by its order dated 13 June 2014 confirmed the deletion made by the CIT (Appeal) ....