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2013 (12) TMI 1366 - ITAT MUMBAIUnexplained investment in jewellery - Held that: - The assessee explained the source of acquisition of the jewellery worth about Rs. 38 lakhs with the help of jewellery reports and purchase bills - Though item-wise detail was not submitted, but the weight and the value of the jewellery was submitted by the assessee in the valuation report which was further verified by the AO during the remand proceedings and he did not point out any defect or suspicion regarding validity of the same - The balance of addition is explained by the fact of receiving of gifts - The evidences submitted by the assessee itself were sufficient in the absence of any contrary evidence to show any suspicion about the genuinity of the said documents - The assessee even has filed the statements of jewellery in his Income Tax Returns for the assessment year 2006-07 - It is also very common that as per the customs and practices prevalent in our country, the jewellery/gold etc. is gifted by the relatives and friends of a person at the time of certain occasions like marriages, birth of a child, birthdays, marriage anniversaries etc - The quantum and the worth of the gifts also depend upon the social as well as financial status not only of the donor but of the donee also - It cannot be said to be a case of unexplained jewellery - Decided in favour of assessee.
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