AI Drafter 
TaxTMI 
TaxTMI 
2017 (1) TMI 1712
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.... Ajit Prasad Jain. 2. The brief facts of the case are that the assessment in this case was completed u/s. 147 read with section 143(3) of the Income-tax Act on 28.03.2006 on the basis of information received from the DCIT, Central Circle-III, New Delhi that the assessee is one of the beneficiary of accommodation entries provided by M/s. Bishan Chand Mukesh Kumar in the garb of bogus transaction of sale of jewellery. The AO observed that a search was conducted in the case of Shri Bishan Chand, Shri Manoj Aggarwal resident of C-25/2, Baldev Park, New Delhi and their associated concerns on 3.8.2000 and it was held in their block assessments that M/s Bishan Chand Mukesh Kumar, partnership firm of Shri Bishan Chand and Manoj....
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....ore the Hon'ble Delhi High Court, where the Hon'ble jurisdictional High Court vide a consolidated order dated 14.03.2012 has restored the matter back to the Tribunal with the following directions : "Though we find that in almost all these cases there is a finding returned by the Commissioner of Income Tax that the transactions were genuine, since the revenue had challenged those findings, it was incumbent upon the Tribunal to independently examine each of the cases and return a specific finding as to whether there was a genuine transaction of sale of jewellery by the assessee to Bishan Chand Mukesh Kumar/Bemco Jewellers. Since the Tribunal has not done that, we are setting aside the impugned orders and ar....
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....and accepted in VDIS, 1997, the purchaser had confirmed the transactions and consideration thereof was received through banking channel. Reliance is placed on the decision of Hon'ble Allahabad High court in the case of CIT vs. Mohan Lal Agarwal, 35 Taxman.com 258 (Allahabad) and of ITAT Delhi Benches, New Delhi in the case of ITO vs. M/s. Sanjeev & Sons, HUF (order dated 19.08.2016 in ITA No. 362/Del/2007. A.Y. 1998-99). It was submitted that all the relevant documentary evidences were laid before the AO to prove the genuineness of the transaction of sale of jewellery and the facts attending to the present case are identical to the facts involved in above decisions. He, therefore, urged for sustenance of the impugned order of ld. CIT(A).&nb....
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....t order of assessee (HUF) shows that that the AO has recorded following categorical finding : "The assessee was required to furnish documentary evidence to the sale of this jewellery as also books of accounts, vouchers and bank passbook. A number of opportunities were given to the assessee but the assessee failed to furnish any information or supporting evidence. The assessee was specifically asked to furnish evidence to the acquisition of the above said jewellery. In the absence of any evidence, I have reason to belief that this is accommodation entry and has been routed through a sale bill by obtaining draft/cheque against payment of cash from M/s. Bishan Chand Mukesh Kumar." 7.1 In view of the above contradi....
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.... 8. The contention of the assessee is also that the impugned jewellery was declared in VDIS, 1997. This fact is evident from the documentary evidence placed by the assessee and is well recorded in the orders of the authorities below. However, it is not the stand of the assessee before us that the factum of declaration of jewellery in VDIS, 1997 was not there before the Hon'ble jurisdictional High Court before the matter has been restored back to the Tribunal for examination of actual sale transactions made by the assessee. Therefore, in view of express directions of Hon'ble jurisdictional High Court to examine the actual sale transactions made by assessee, the decisions relied by the assessee render no support to the assessee in th....