Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (5) TMI 819 - GUJARAT HIGH COURTWhether Tribunal is right in law in deleting addition on account of diamonds purchased out of undisclosed source of income – Held that:- aseized diamonds being those shown by the assessee in the books of account. - The declaration by the assessee, even before the search, in the course of return previously filed and the valuation of the closing stock and the valuation of the seized diamonds as per the Department were same. All these factors persuaded the Tribunal to come to the conclusion that the seized diamonds did not form part of undisclosed source of the assessee, Tax Appeal is dismissed
|