2016 (7) TMI 1535

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....pna Das, Jt. CIT(DR) ORDER   This appeal is preferred by the assessee against the order of the CIT(Appeals), Hubli dated 18.11.2015 for the assessment year 1998-99 inter alia on the following grounds:- "1. The Learned CIT (Appeals) has failed to read properly, which is also the case with the learned Assessing Officer, the direction given to the department by the Hon'ble Hig....

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....ther written submission that may be made during the course of hearing, it IS prayed to hold that: 1) The assets sold are the same assets, may not be in the same form, which are declared under VDIS 1997. And 2) The addition of Rs. 10,75,000/- made on above account be deleted." 2. Though various grounds are raised, but they all relate to introduction of cash in the books of accounts of the assess....

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....oks of account. 4. When the matter reached the Hon'ble High Court of Karnataka, the Hon'ble jurisdictional High Court has remanded the matter back to the AO to give a specific finding as to, whether the items sold were the same which were disclosed under VDIS? 5. In the remand proceedings, the assessee has furnished the details of items sold and the evidence of conversion of the silverwa....

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....; 8. Having carefully examined the orders of lower authorities and documents placed on record in the light of rival submissions, I find that the same quantity of silver and diamonds which were declared under VDIS was sold. Though the assessee has declared the silverware in different form under VDIS, but in sale bill the assessee has sold silver bullion and diamonds separately. The assessee has ....