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2009 (7) TMI 2 - BOMBAY HIGH COURT
Unaccounted Income - Cash Credit - In the return of income filed for A.Y. 1998-1999, the assessee claimed to have sold the said jewelery declared under VDIS, 1997 thereby earning long term capital gains amounting to Rs.1,75,520/-. The said return was processed under Section 143(1)(a) of the Act on 23-7-1999. - CIT(A) and confirmed the addition of 10,35,562/- as non-existence of diamond jewellery allegedly purchased and the cash deposits made in the bank accounts before issuing cheques to various parties - tribunal set aside the addition - tribunal decision uphold - revenue petition rejected.