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Legal sale of gold using prohibited currency/ SBNs not permissible
Case Law Details
- Case Name
- Vaishnavi Bullion Private Limited Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Hyderabad
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Vaishnavi Bullion Private Limited Vs ACIT (ITAT Hyderabad)
ITAT Hyderabad held that no legal sale of gold can be made with the use of either prohibited currency or prohibited Specified Bank Notes (SBNs)
Facts- Assessee is a Private Limited Company engaged in the business of trading in gold, diamond jewellery and bullion. In this case, a search and survey action u/s 133A of the Act was carried out in the business premises of the assessee on 01.12.2016 by the Investigating Wing. During the survey, it was noticed that assessee had deposited Rs.39,64,98,000/- in its Axis Bank account and Rs.50,00,...
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