TMI Blog2023 (5) TMI 954X X X X Extracts X X X X X X X X Extracts X X X X ..... ome to presumption of sale of such jewellery and determined capital gains. Absolutely no material to prove that there has been such sale which led to Long Term Capital Gains. There is no provision in the Income Tax Act to deem the difference between value of the jewellery declared (in the Wealth Tax Return) and the value of the jewellery found in the search, in case the jewellery falls short of the amount/quantity declared in the WTR. Hence, we direct that the addition made on account of Long Term Capital Gains on the purported, notional, fictitious sale of jewellery be deleted. Addition u/s 69A - loose diamond as per the WTR and the jewellery seized which has been subsequently treated as unexplained investments - submission of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi [ the Ld. CIT(A) ] has erred in upholding the order of the Assistant Commissioner of Income Tax, Central Circle-08, New Delhi ( the Ld. Assessing Officer ) in upholding the addition of Rs.29,19,732/- made on account of Long term capital gain on alleged sale of Diamond. 3. That on the facts and circumstances of the case and in law, the Commissioner of Income Tax (Appeals)XXIV, New Delhi [ the Ld. CIT(A) ] has erred in upholding the order of the Assistant Commissioner of Income Tax, Central Circle-08, New Delhi ( the Ld. Assessing Officer ) in upholding the addition of Rs.16,77,368/- made under section 69A on account of alleged unexplained investment in jewellery. 3. A search seizure operation u/s 132 of the Income Tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... seizure and finding of the jewellery kept in any other premises, have come to presumption of sale of such jewellery and determined capital gains. There was absolutely no material to prove that there has been such sale which led to Long Term Capital Gains. There is no provision in the Income Tax Act to deem the difference between value of the jewellery declared (in the Wealth Tax Return) and the value of the jewellery found in the search, in case the jewellery falls short of the amount/quantity declared in the WTR. Hence, we direct that the addition made on account of Long Term Capital Gains on the purported, notional, fictitious sale of jewellery be deleted. 5. With regard to the addition made u/s 69A, there were loose diamond as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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