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2019 (2) TMI 111 - AT - Income TaxUnexplained cash found - unexplained jewellery - Held that:- The impugned order of the CIT(A) wherein he deleted the aforesaid additions of ₹ 5,05,550/- and ₹ 69,92,195/, needs no interference. The cash found, amounting to ₹ 5,05,550/- is fully explained by cash balance, as on 01.08.2011. The AO erred in making addition of the aforesaid amount of ₹ 5,05,550/-, without any reasoning and in the absence of any evidence to show that the cash found was unaccounted or unexplained or undisclosed. Similarly, the Jewellery found from the premises of the Assessee is also fully explained by Wealth Tax Records of various persons. AO erred in making the addition of the aforesaid amount of ₹ 69,92,195/- without proper reasoning, and in the absence of any evidence to show that the Jewellery found was unaccounted or unexplained or undisclosed. AO had no basis to make the addition, when the Jewellery found is fully disclosed in Wealth Tax Records. In view of the foregoing, there is no material to warrant any interference by us with the impugned order of the Ld. CIT(A). We find that in view of the facts and circumstances of this case, the order of the Ld. CIT(A) is sound in law - decided against revenue.
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