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2016 (3) TMI 113 - AT - Income TaxUnexplained investments in jewellery - addition on account of variation in description of jewellery disclosed in the reports filed with the Revenue authorities - Held that:- As submitted that the assessee her husband and their daughter-in-law have been possessing jewellary in the preceding and subsequent years and have been always assessed to wealth tax. The fact remains that the jewellary found was much less than the jewellary disclosed in the wealth tax returns accepted by the Department and hence no addition can be made in the hands of the assessee. In the present case, the ld. CIT(A) sustained the addition on account of making charges of the jewellary without bringing any cogent material on record. The ld. CIT(A) presumed that all the jewellary was remade and sustained the addition to the extent of 10% of the value of jewellary without any basis which in our opinion is not sustainable. Even otherwise, addition made on the basis of suspicion alone is not sustainable. Suspicion however strong it may be, cannot take place of evidence - Decided in favour of assessee
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