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2018 (2) TMI 1695
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....rom Minal Gems, Mumbai. As far as Smt. Kusum Bhura is concerned she had paid Minal Gems through a cheque which was duly encashed by Minal Gems. Copy of the bank statement of Bank of Baroda of A/c No.003202000004111 evidencing encashment of cheque by Minal Gems on 20.11.2009 was filed by the assessee. The invoice of Mial Gems dated 09.09.2009 was also filed by the assessee. The assessee in the course of assessment proceedings also filed confirmation from Minal Gems that they have sold polished diamond to the assessee. In the case of Shrenik Bhura similar invoice and bank statement evidencing payment to Minal Gems was also placed on record. By the assessee. 3. It appears that there was information received by the AO of both the aforesaid a....
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....ained investment u/s 69 of the Act and deemed to be the income of the assessee for the financial year 2009-10." 5. In the case of Shri Shrenik Bhura the AO made an addition by observing as follows :- " In view of the above facts and circumstances, , the purchase shown to have been. made from M/s. Minal Gems cannot be considered genuine. However, since the assessee, in the balance sheet has declared Investment in diamonds at Rs. 8,07,620/- there is no evidence on record to doubt that he didn't make any purchase. In fact, he made the purchase from some other party but has not furnished the details of the same. Accordingly, investment of Rs. 8,07,620/- Incurred towards purchase of diamonds shown as investment in the Ba....