BIKASH KARAR, HYD,HYDERABAD vs. ACIT, CIRCLE-7(1), HYD, HYDERABAD

ITA 1287/HYD/2015Status: DisposedITAT Hyderabad22 June 2018AY 2012-136 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found the assessee's statements contradictory and the supporting documents unreliable, as they appeared to be created after the seizure and were inconsistent. The Tribunal distinguished the case from a relied-upon precedent.

What were the facts?

The assessee was intercepted at Kolkata Airport with 13 kg of gold bars. Initially, he claimed part belonged to a company and part to himself and family. Later, he claimed the gold belonged to Mr. Meer Ahmed Ali, providing supporting documents.

What were the issues?

Whether the gold seized from the assessee was accounted for and whether the documents produced to support its ownership were genuine and reliable.

Which sections of the Income-tax Act were involved?

Section 132,Section 142(1),Section 143(3),Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ B ‘ Bench, Hyderabad

Before: Smt. P. Madhavi Devi & Shri S.Rifaur RahmanShri Bikash Karar

Hearing: 12.06.2018Pronounced: 22.06.2018

Per Smt. P. Madhavi Devi, J.M.

This is assessee’s appeal for the A.Y 2012-13 against the order of the CIT (A)-3, Hyderabad, dated 31.08.2015. 2. Brief facts of the case are that the assessee, an individual, and a goldsmith, was travelling from Hyderabad to Kolkata and he was intercepted at the Kolkata Airport on 10.1.2012 just after arrival of the flight at around 12.10pm and was found carrying gold bars in excess of 13 kg with him. His statement u/s 132 was recorded wherein he stated that he was carrying twenty pieces of gold bars of 24 carats, weighing 100g each, totaling to 2 kg (2000g) only. Due to the small tax effect, the case was not processed for centralization with Central charge but it was assigned to

The order continues below.

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