2023 (5) TMI 743

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....the Income Tax Appellate Tribunal "A" Bench, Kolkata (Tribunal) in ITA/13/Kol/2019 for the assessment year 2017-18. The revenue has raised the following questions of law for consideration :- i) Whether the Learned Tribunal has committed substantial error in law by dismissing the appeal of the Revenue thereby deleting the additions made by the Assessing Officer under Section 69A of the Income Tax Act, 1961 on account of seized gold bullion and ornaments. ii) Whether the order passed by the Learned Tribunal is perverse in not considering the factual trial of the transaction where identity of the original purchaser as well as the identity of the seized gold remain undisclosed. iii) Whether the Learned Tribunal has co....

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....e the Tribunal was that the assessee did not produce any identification number for gold, bullion and ornaments and explanation given by the various parties along with evidences which were produced by them should not have been accepted by the CIT(A). It was further contended that in absence of cogent material to rebut the presumption the addition made by the assessing officer ought to have been sustained by the CIT(A). The assessee resisted the submission by contending that on the date of search and seizure of the gold and the ornaments convincingly explained the source of the same and had submitted the gold and jewellry were being brought from Chennai to Calcutta for manufacturing of ornaments and for polishing of some of the ornaments. Fur....

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.... correctness of this finding was considered by the learned Tribunal and the learned Tribunal agreed with the finding recorded by the CIT(A) at page 4 of the order dated 30th October, 2019. The Tribunal has extracted the relevant paragraphs at the said order. From paragraph 8 of the impugned order we find that the factual findings recorded by the CIT(A) was not controverted by the department and the Tribunal having been satisfied with the factual conclusion arrived at by the CIT(A) agreed with the same and dismissed the revenue's appeal. The matter being entirely factual and the CIT(A) and the Tribunal having concurrently held in favour of the assessee on facts, we find no question of law, much less substantial questions of law, arisi....