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The Tribunal found that the AO and CIT(A) erred in applying average rates of purity for silver ornaments. It held that the matter needed to be set aside to the AO for a fresh determination of the silver stock's value based on actual weight and purity, with the assistance of an expert valuer.
The Tribunal declined to grant an adjournment to the assessee, who was absent, and proceeded to hear the appeals ex-parte after hearing the Revenue. The specific grounds of appeal regarding capital gains and gift additions were not adjudicated in this excerpt.
The Tribunal found that the AO and CIT(A) erred in applying average rates of purity for silver ornaments. It held that the matter needed to be set aside to the AO for a fresh determination of the silver stock's value based on actual weight and purity, with the assistance of an expert valuer.
The Tribunal declined to grant an adjournment to the assessee, who was absent, and proceeded to hear the appeals ex-parte after hearing the Revenue. The specific grounds of appeal regarding capital gains and gift additions were not adjudicated in this excerpt.