Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 273 - AT - Income TaxUnexplained jewellery - excess gold and silver ornaments/excess stock - HELD THAT:- The fact remains that Assessee has not been able to explain each and every item in both gold as well as silver stock(s). We notice that it has placed on record a detailed reconciliation statement of both stocks of gold as well as silver items before us; the very discrepancy continues in the instant second appellate proceedings as well. We therefore deem it appropriate that a lump sum addition of ₹ 2 lakhs qua excess gold and ₹ 1 lakh pertaining to excess silver stock; respectively (over and above the survey disclosure of ₹ 10 lakhs), would meet the ends of justice. The same shall be deemed to have covered all the alleged shortfalls as well. Both parties get part relief in foregoing terms. It is also made clear that our instant estimation shall not be taken as a precedent in any other assessment year. Necessary computation to follow as per law.
|