2025 (2) TMI 1895

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....: Shri V.K. Mangla, Sr DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT : This appeal has been filed by the Assessee against the order passed by the Ld. Commissioner of Income-tax (Appeals)-12, Ahmedabad (hereinafter referred to as "CIT(A)" for short) dated 27.09.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to as "the Act" for short], for Assessment Year (A....

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....Trading and re-sell of Gold and Gold Ornaments. A survey was carried out in the three business concerns, including the assessee, which were running concurrently at one business premises. Owing to discrepancy in the quantity of stock of gold ornaments with the books of accounts found during the survey proceedings, the Assessing Officer made addition of Rs. 4,78,500/- u/s 69A of the Act vide order d....

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..... P. Gold Pvt. Ltd. During the course of assessment proceedings, the AO has made addition of Rs. 4,78,500/- u/s 69A of the Act having held that Sh. Narendrakumar M Soni in his statement in reply to question No. 16 has categorically admitted that he could not explain the reason behind the excess gold stock of 15 gms. The assessee, in his statement, had admitted that the excess stock valued at Rs. 4....

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..... The assessee contended that no discrepancy would exist in the final accounts if the purchases of 204.360 grams of gold ornaments from M/s. Anja Jewels Pvt. Ltd. on 25.08.2018 and 24.620 grams from M/s. Chains Corner Jewellers (I) Pvt. Ltd. on 04.02.2019 were considered. It was argued that while these transactions were recorded in the books of account, they were inadvertently omitted from the sto....