Girish Vrajlal Soni Vs. Income Tax Officer, Ward-3(3)(1), Ahmedabad
Parties Involved
Facts Summary
The assessee, Girish Vrajlal Soni, is engaged in the business of trading in Gold Bar and Ornaments. He sold 350 grams of gold to Viko Enterprise on 15/11/2016 for Rs 11,27,000/-, as per Invoice No 1/4 dated 15/11/2016. The payment was received via RTGS in the bank. The assessee provided bank statements, a copy of the sales invoice, the ledger of Viko Enterprise, and a stock statement to the Assessment Unit. Despite this, the transaction was treated as an accommodation entry by the assessment wing based on an enquiry by the investigation wing, Ahmedabad, with Viko Enterprise. No incriminating documents were found against the assessee.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Assessing Unit erred in treating the actual transaction of sales of Gold Bar as an accommodation bill and making an addition to total income under section 69A of the Income Tax Act, 1961.
- 2. Whether the Assessing Unit erred in not treating the actual transaction of sale of Gold Bar due to lack of confirmation from the customer Viko Enterprise under section 133(6) of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
7 precedents cited in this judgement.
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