STATE OF KERALA Vs. ALUKKAS JEWELLERY

JUDGEMENT

(1.) The questions of law arising in the above revision are re-framed as follows:-

(2.) The Intelligence Officer inspected the premises of the assessee, a dealer in jewellery, who had their Head Office at Thrissur and Branches at Edappal and Pathanamthitta. There were many discrepancies found, which were confirmed by the first appellate authority and the Tribunal. The issues arising in the above revision, as is evident from the questions of law, are two: (i) the cancelled issue voucher, and (ii) the sale of fixed assets.

(3.) A cancelled issue voucher was seen from the assessee's own books of accounts, which indicated 2000 grams of gold having been given to the artisan which, later, was cancelled. As a matter of practice, we are told that the assessee when transferring gold to the artisans, issues a voucher, the original of which is countersigned by the artisans and taken by the artisans along with the gold. The duplicate is maintained with the jewellery. The transfer of the gold and the return of ornaments are both duly entered in the stock register.