TaxTMI 
TaxTMI 
2025 (2) TMI 1697
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....roceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'). 2. This assessee's appeal raises following substantive grounds : "1. BECAUSE, upon overall consideration of the facts and in the circumstances of the case the authorities below were highly unjustified in making and sustaining addition of Rs. 1,51,04,500/-. 2. BECAUSE, the Ld. CIT(A), NFAC had passed the order without considering the submission made by the appellant. 3. BECAUSE, the authorities below failed to appreciate that deposits in Bank Account represented Sale proceeds of Silver Bullion disclosed under IDS, 2016. The appellant had already made the disclosure under IDS, 2016 by filing form No. 1 on 28.09.201....
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....ortunity of hearing in violation of principals of natural justice and therefore, the additions made deserves to be quashed. 9. BECAUSE, the assessment order to the extent making addition is bad in law and against the facts of the case. 10. BECAUSE, assessee denies its liability against Interest charged under section 234A &234B is incorrectly charged." 3. Heard both the parties at length. Case file perused. 4. It next emerges during the course of hearing with the able assistance coming from both the parties that the learned lower authorities have made section 69A addition of Rs. 1,51,04,500/- in assessee's hands thereby rejecting her explanation attributing the deposits in bank account to the cash sale proceeds of sil....
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..... The assessee has not earned any capital gain on sale of this silver bullion as the cost of silver bullion exceeds the sale price. Therefore, the assessee has not disclosed the sale of this silver bullion in her return of income. The assessee has sold some silver bullion through Shri Abhishek Bansal, the broker to unregistered persons. During the course of assessment proceedings, the assessee has filed the photocopies of the PAN card along with adhaar card of Shri Abhishek Bansal and unregistered purchasers. It is also submitted that in the reply dated 26.12.2019, the assessee has requested the AO to call the persons by the issuing the summons under section 131 to verify the credentials. But ignoring the evidences filed during the course o....
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....lows: "It is pertinent to mention that assessee is not doing the business of sale/ purchase of silver bullion. Thus the assessee can sell the silver bullion as personal asset. Thus it cannot be believed that silver of the value of Rs. 1,52,00,118/- was sold, between 30.09.2016 (date of filing of IDS form by the assessee) and 8.11.2016, when the demonetization of currency was declared, in cash to unidentified persons of Rs. 1,52,00,118/-. The case law cited by the assessee of Hon'ble Delhi High Court in the case of CIT vs Jindal Dyechem Pvt Ltd. is not applicable in its case as the assessee HUF is not dealing in trading of silver bullion. Further, in the year under consideration as per provisions of section 206C(1) (D) of the IT....
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....income declared in the form of investment asset, the appellant mentioned "business income". There is no reference to silver bullion purchased in the declaration. Further, the income to tax was relating A.Y.13-14. If the silver bullion was bought during the year or later, the invoice of silver bullion purchased, mode of purchase, name and address of the vendor from whom it was purchased should have been provided. Similarly, if such silver bullion was sold, in the year in which it was sold, name and address of the parties to whom it was sold, etc should have been provided to justify the cash deposits during demonetization. Without any of these details, the appellant refer to some case laws without realizing that facts of each case is unique a....