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Income Tax - Highlights / Catch Notes

Home Highlights August 2022 Year 2022 This

Unexplained investment u/s 69 - Addition on account of jewellery ...

Income Tax

August 2, 2022

Unexplained investment u/s 69 - Addition on account of jewellery (Gold Jewellery and Silver Jewellery) found from the residence as well as bank locker of the assessee during the course of search - after considering the overall factual position in this case and keeping in view of high status, family tradition, deduction on account of purity and the deduction towards Streedhan, the excess jewellery found were nominal. In this view of the matter, the addition sustained by the ld. CIT(A) deserves to be deleted and the grounds raised by the assessee are allowed. - AT

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