2019 (5) TMI 699

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....: Mr. R. N. Dutta, Advocate And Ms. Sutapa Roychoudhury, Advocate ORDER The Court: We record that by consent of the parties this appeal is heard out dispensing with all formalities. The respondent assessee was carrying on jewellery business. The assessment year in question was 2007-2008. There was a huge stock of gold in the possession of the assessee. It weighed 27,927.17 gms. or about 2....

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....essee's grandfather declared that he had pledged gold weighing 927.17 gms. This is even less than 1 kg. Then it goes on to rely on a chartered accountant's certificate that as on 31st March 1997 the gold in the custody of the grandfather was 27,927.17 gms. or about 28 kgs. The contradiction between the grandfather's audited accounts and the chartered accountant's certificate is so glaring that ....