TaxTMI 
TaxTMI 
2025 (12) TMI 1033
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....d by Assessing Officer u/s 143(3) r.w.s. 153C of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), dated 19.12.2019. 2. The grounds of appeal raised by the assessee are as follows: "1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2. The ld. Commissioner of Income-tax (Appeals)-11, Ahmedabad [hereinafter referred as to the "CIT(A)"] erred on facts as also in law in not deciding the ground of appeal related to validity of assessment order passed u/s. 153C of the Act. That on facts as also in law, initiation of action u/s. 153C of the Act is invalid and assessment finalized on such invalid initiation is deserves to be quashed and may kindly be quashed. 3. The ld. C....
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....(560.24 gms-valued at Rs. 17,05,744] and M/s. Jiya Gems Pvt Ltd, New Delhi (350 gms-valued at Rs. 10,68,864) regarding the seizure and to take appropriate actions in respective cases. The assessee was also specifically asked to furnish the details and submission regarding the gold seized along with supporting evidences in respect of Fine Gold of 560.240 gms (valued at Rs. 17,05,744) and 350 gms (valued at Rs. 10,68,864) claimed to send by M/s. Global Jewels India Ltd, Delhi and M/s. Jiya Gems Pvt Ltd, respectively. Since, no proper details were furnished before the assessing officer, therefore, assessing officer finalized the assessment 143(3) r.w.s. 153C of the Act making protective addition of the above sum of Rs. 27,74,608/- (Rs. 17,05,7....
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....r that the gold and jewellery seized by the department from Shri Surest Kumar & Shri Jagdish Prasad employees of Jai Mata DIAir Service and Bright Couriers of Rajkot on 27.10.2017 was not a part of its stocks but was unaccounted and acquired from undisclosed sources. The assessee has not been able to prove that the Imported/country made gold was purchased by it from M/s Bankuiramana Bullion and Diamond P. Ltd on 26.10.2017 and was a part of its stock on that c/ate. No Material issue Vouchers were not issued by the assesses at the time of booking the gold through courier nor were any statutory GST Form No. 402/403 issued by the Rajkot based parties in respect of the seized gold/ornaments. The entries made in the books of accounts therefore a....
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.... gold valued at Rs. 10,68,864/- as unaccounted investment and adding it to the total income of the assessee u/s. 69A of the Act on protective basis was confirmed Learned CIT(A). 6. Aggrieved by the order of the CIT(A), the assessee is in appeal before this Tribunal. 7. I have heard both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the findings of the ld CIT(A) and other materials brought on record. Learned Counsel for the assessee submitted that the assessee is engaged in the business of manufacturing of Gold Ornaments on job work basis along with trading of gold jewellery / ornament....
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.... address of supplier, PAN / GST of the supplier etc. It is given to understand that, on the basis of details submitted by the assessee, an inquiry was also initiated in the case of supplier's by Id. ADIT (Inv), Unit 5(3), Delhi. The supplier M/s Global Jewels India Limited had categorically accepted the fact of supplying Fine Gold by them to the assessee for job-work purpose. In view of the above, it is an undoubted fact that the Fine Gold and ornaments seized weighing to 560.240 grams was supplied to the assessee by M/s Global Jewels India Limited, Delhi and the purpose of said supply was on account of job-work. Similarly, Fine Gold seized weighing to 350.00 grams was supplied to the assessee by M/s. Jiya Gems Private Limited, New Delh....
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....have been sent by the assessee company to Divyesh V Patadiya (PAN: ATMPP6319G) remains uncontroverted leading the undersigned to arrive at the conclusion that it constituted its unexplained income, the undersigned being not satisfied with the explanation offered by it. In view of the above, the amount of Rs. 14,54,299/- on account of unaccounted gold weighing at 480.760 Grams seized by the Investigation Wing, Rajkot, claimed to be sent by the assessee company to Divyesh V Patadiya (PAN: ATMPP6319G) is treated as unaccounted income of the assessee and being added to the total income of the assessee under the provisions of the section 69A r.w.s. 115BBE of the Income Tax Act, 1961 for the year under consideration." 9. Therefore, from the ab....