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2009 (8) TMI 32 - HC - Income TaxUnexplained investment in Jewellery Block Period before the CIT(A) that the assessee was able to explain the source of entire jewellery. After accepting the explanation, the CIT(A) still proceeded to give partial relief to the assessee in view of voluntary statement contained in Form 2-B as per which the assessee had offered 20% of the jewellery amount to tax in respect of excess jewellery worked out at Rs.22,96,000/- i.e. 4,59,200/-. Thus, maintaining the addition of Rs.4,59,200/-, relief to the extent of Rs.5,62,390/- was given by the CIT(A) ITAT maintained the order of CIT(A) Held that - Once the assessee has given satisfactory explanation regarding the purchase/acquisition of the disputed jewellery, the necessary consequence is that there was no unexplained asset in the hands of the assessee. In such a situation, it is neither proper nor legally permissible for the revenue to still fasten the assessee with the liability of tax - Addition of Rs. 4,59,200/- is set aside
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