Sale of Gold Bar through Bank Proved Genuine – ITAT Deletes Addition u/s 69A

Girish Vrajlal Soni Vs ITO (ITAT Ahmedabad) Assessee, a trader in gold bars & ornaments, sold 350 grams of gold to Viko Enterprise on 15.11.2016 for ₹11,27,000, including service tax. The sale was supported by invoice, ledger, stock records & , most importantly, payment was received through RTGS in bank. Despite this, AO treated the sale as a bogus accommodation entry merely because Viko Enterprise did not respond to notice u/s 133(6) & based on investigation wing inputs. He added the entire amount as unexplained money u/s 69A. CIT(A) upheld the addition, relying on decisions reg...