TaxTMI 
TaxTMI 
2024 (5) TMI 594
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....ugned order, the respondent has confirmed the tax on 1099.96 gms of gold out of 10514.960 gms of gold and 14.05 carats of diamond that was found at the residence of the petitioner at the time of search. Earlier, the petitioner had also suffered an adverse assessment order on 28.12.2017, pursuant to the search conducted at the premises of the petitioner. The petitioner had succeeded partly before the Appellate Commissioner in ITA No.319/17-18 vide order dated 09.10.2019, wherein the Appellate Commissioner had ordered as under:- "4.I have gone through the assessment order, the written submissions and the grounds of appeal. Briefly, the A.O has made addition of excess jewellery of 2201.715gms (Out of Total jewellery found of 10514.96g....
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....e three appeals by different assessee's, it is noticed that the assessee's have purchased this gold through banking channels or through accounting entries, this needs verification. Hence, all these three appeals are remanded back to the file of the AO and orders of AO as well as the CIT(A) restricting the addition are set aside. The assessee's will file all these details before AO, who will verify and examine in detail the source of jewellery as well as explanation. In term of the above, all the three appeals are allowed for statistical purposes." 6. Pursuant to the aforesaid remand order, the impugned order has been passed. The grievance of the petitioner before this Court is that the respondent has not complied with the requirements of....
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....ioner has submitted the invoice for purchase of gold and jewellery, ledgers and accounting entries in the books of accounts of various entities, where the assessee is a partner, through which the payments for purchase of jewellery were made, accounting entries in the books of accounts of the assessee himself and the assessee has submitted the copies of bank account statements, wherever payment for purchase of gold was made through bank account. The assessee was required to submit the returns of income of all the entities from where the payments for purchase of gold and jewellery were made, vide notice u/s 142(1) of Income Tax Act, dated 06.03.2024. The returns of income, called for were submitted by the assessee. On perusal of all such docu....
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....petitioner to file a statutory appeal. 15. I have considered the arguments advanced by the learned Senior Counsel for the petitioner and the learned Standing Counsel for the respondent. 16. The language of the circular No.1916 of CBDT, dated 11.05.1994 bearing Ref.No.286/63/93-IT (Inv.II) reads as under:- "Instances of seizure of jewellery of small quantity in the course of operation under section 132 have come to the notice of the Board. The question of a common approach to situation where search parties come across items of jewellery has been examined by the Board and following guidelines are issued for strict compliance. (i) In the case of a wealth-tax assessee, gold jewellery and ornaments found in excess of the ....