The ITAT allowed the appellant's appeal against additions made ...

Taxpayer's Appeal Succeeds as Cash from Selling Deceased Wife's Jewelry Ruled Not Unexplained Money Under Section 69A

April 2, 2025

Case Laws     Income Tax     AT

The ITAT allowed the appellant's appeal against additions made under section 69A (unexplained money) which would have been taxable under section 115BBE. The Tribunal found that the appellant had adequately explained the source of cash as proceeds from selling gold jewelry following his wife's demise. The appellant had provided details of relatives and neighbors to whom the jewelry was sold, and explained that the cash was retained for medical purposes. The ITAT determined that these explanations were improperly disregarded by both the Assessing Officer and CIT(A), thus warranting reversal of the addition.

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