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Case Law Details

Case Name : PCIT Vs Goutam Chakraborty (Calcutta High Court)
Appeal Number : ITAT/49/2022
Date of Judgement/Order : 08/05/2023
Related Assessment Year : 2017-18
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PCIT Vs Goutam Chakraborty (Calcutta High Court)

The case of PCIT Vs Goutam Chakraborty revolves around the seizure of gold and jewelry during a search operation by the assessee, a partner in a gold ornaments manufacturing firm. The Assessing Officer made additions under section 69A of the Income-tax Act, claiming lack of distinctive identification numbers on the seized items’ challans. This led to an appeal before the CIT (Appeals) and ultimately, the Calcutta High Court.

Upon examination, the CIT (Appeals) concluded that the gold and ornaments were meant for jewelry making or polishing, as evidenced by the challans. The Commissioner found the provided explanations convincing and accepted the assessee’s claim, leading to the deletion of the additions made by the Assessing Officer. The Income-tax Appellate Tribunal supported the Commissioner’s findings, dismissing the revenue’s appeal.

The Calcutta High Court upheld the Tribunal’s decision, agreeing that the seized gold and jewelry were intended for legitimate purposes, and the lack of distinctive identification numbers on the challans did not justify the additions made by the Assessing Officer. The court found no substantial questions of law in the case and dismissed the appeal filed by the revenue, thereby confirming the deletion of additions made under section 69A of the Income-tax Act for the seized items.

FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT

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