2009 (2) TMI 847

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....V.S. Hadade ORDER 1. We have heard the learned counsel for the parties. 2. Revenue is in appeal on the following questions. i) Whether the Honourable ITAT was correct in relying on the decision of the ITAT in the case of M/s. Uttamchand P. Jain Vs. ITO (ITAT "B" Branch, Mumbai's order vide ITA No.7599/Mum/2003 dated 5.5.2006 which are distinguishable on the facts of the present c....

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....e and in law the ITAT was justified in dismissing the appeal without going into the facts of the matter? 3. The admitted facts are that the assessee under VDIS made a declaration which included assets in the form of diamonds. The assessee sold the diamonds and received consideration for the same by cheque which was duly encashed and shown in the books of accounts. The Assessing Officer sought t....

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....ether an opportunity had been given to the assessee to cross examine the witness based on whose statement addition was sought to be done.. It is also pointed out that, the reliance placed by the revenue upon the judgment of the Supreme Court in Roshan Di Hatti Vs. Commissioner of Income Tax, Delhi reported in (1977) 2 SCC 378 is totally misconceived, 5. Admittedly, the assessee had made a VD....

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....at the assesse had proved the possession of the jewellery or diamonds at the time of declaration. In the instant case, the Assessing Officer was given an opportunity to produce any material in his possession to hold to the contrary. The Assessing Officer failed to comply with the said direction. In these circumstances, CIT(A) proceeded to pass the order which order came to be subsequently affirmed....