2025 (3) TMI 1757

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....ads as under: "1. The Learned Commissioner of Income-tax (Appeals) erred in agreeing with the observation and decision of the AO regarding the non-genuineness of the transactions in bullion of Rs. 2,51,01,817/-, in the order dated 30.12.2016, without examining the submissions made during the course of assessment proceedings. 2. The Learned Commissioner of Income-tax (Appeals) erred in not heeding to the fact that delivery challans, invoices and bank statements establishing the genuineness of transactions in respect of gold, bullion have been overlooked and not taking cognizance of the same, without establishing the reasons thereof. 3. The Learned Commissioner of Income-tax (Appeals) erred in confirming the levying....

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....d that the impugned transactions have not been verified by the AO from the respective parties which is a clear distinguishing factor from the facts of the decision relied upon by the Ld. Counsel in the case of Mobile Trading & Investment Pvt. Ltd. (supra). In that case the parties were produced before the AO as mentioned at page-8 of the order of the Tribunal. We also find that in that case the AO has issued summons u/s. 131 of the Act to the dealers from whom the assessee claimed to have purchases and sales, such investigations are not made in the present case. Therefore, in the interest of justice and fair play, we restore this issue to the file of the AO. The AO is directed to verify the impugned transactions from the respective parties ....

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....o the orders of the authorities below. The undisputed fact is that in the first round of litigation, the Tribunal has categorically held that the only dispute to be decided is whether the loss is a speculative loss and has further held that genuineness of the transaction is not in dispute. 7. We find that the assessee has not only furnished the names, addresses and PAN details of the sellers and the purchasers of gold bullion, but also filed confirmation of the transactions from the respective parties, bank statements were filed along with contract notes, purchase and sales invoices and delivery notes. 8. In our considered opinion, once the commodities transacted are delivered, it go out of the ambit of the provisions of section 43(5)....