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2009 (9) TMI 30
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....ight of gold ornaments and addition of Rs.49,517.00 made by the A.O. on account of extra profit as a result of increase in weight of silver ornaments given for remaking to the Karingars and resultant addition of impurities in the said ornaments at the time of remaking of ornaments, without appreciating the facts of the case and material brought on record by the A.O." This appeal has been filed against the order of the Tribunal dated 12.10.2007 for the assessment year 1999-2000. The assessing authority had made addition of Rs.26,85,161/- towards the extra profit on the allegation that there was increase in the rate of gold ornaments given for remaking to the karigars. The assessing authority had made the addition on the basis of the simil....
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....of gold/silver ornaments returned by the karigars alongwith increase in weight due to mixing of alloy which is always upto 9% is returned and duly recorded in the books of account. The assessee has also come with the explanation that whatever more impurity contents of alloy are mixed with the gold/silver ornaments, the same remains with the karigar who stand compensated with the wastage of gold/silver which occurs during the different activities being adopted ornaments of gold and silver. The assessee has also come with the plea that books of account of the assessee were not rejected and Assessing Officer has proceeded to make addition on the basis of estimate and on the basis of prevailing system of accounting but it is also a fact that th....