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2015 (3) TMI 96 - RAJASTHAN HIGH COURTUnexplained gold ornaments - CIT(A) concluded that AO was not justified in treating the gold ornaments, belonging to the family diety and purchased by Shri Chandra Prakash, as unexplained investment - Held that:- The facts mentioned by the Commissioner of Incometax as noticed and also the averments contained in the memo of appeal indicate that necessary opportunity was allowed to the Assessing Officer to meet the stand of the assessee about the ornaments purchased by Shri Chandra Prakash. AO was not justified in not accepting the explanation of the appellant in respect of gold ornaments weighing 241 grams, which the appellant had claimed that the same belonged to the family diety. In fact, at the time of search also such gold ornaments were there on the family diety and the same were also not seized. The family deity is quite old and it seems the custom of appellant's family. The AO was also not justified in drawing adverse inference in respect of gold ornaments weighing 150 grams purchased by Sh. Chander Prakash in respect of whom proceedings u/s 148 were already initiated. - Decided in favour of assessee.
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