Addition u/s. 69A on account of unexplained jewellery - search & ...

Income Tax

December 6, 2022

Addition u/s. 69A on account of unexplained jewellery - search & seizure - There is no logic for enhancing the quantity of gold by the weight of stones and diamonds. There was no loose stones/diamonds found during the search. What was found was jewellery studded with stones/diamonds. They have neither been valued nor any Expert Valuer's report is available on record. Such an action cannot be supported. Even if it is considered even then alongwith the gold reflected in the books of accounts of the assessee and the explanation on record that credit for the jewellery held by late father and mother-in-law is also considered the occasion to sustain the addition even then does not arise. - AT

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