A transaction cannot be held bogus for the mere fact that Assets sold by Assessee if not found with buyer

RELEVANT PARAGRAPH 16. As the VDIS 1997 certificate issued by the department is valid and subsisting, it is not open to the revenue to contend that there was no jewellery which could be sold by the assessee on 20/1/1999.It is not the case of the revenue that the assessee continues to be in possession of the said diamond jewellery even after the alleged sale effected on 20-1-1999 or that the said jewellery has been sold to third parties. In these circumstances, the decision of the Tribunal in accepting the claim of the assessee that the amount of Rs.10,35,562/ -represented the sale proceeds of...