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| The Tax Publishers2020 TaxPub(DT) 0590 (Ind-Trib) INCOME TAX ACT, 1961
Section 69
Where assessee had placed evidence on record to explain source of jewellery found during course search in the form of affidavits given by her relatives having sufficient means than addition for unexplained jewellery could not be sustained. However, this view would not be taken as a precedence as the same depends on material facts of a particular case.
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Income from undisclosed sources - Addition under section 69 - Jewellery found during search - Assessee furnished affidavits of relatives with sufficient means who had gifted gold jewellery to assessee on various auspicious occasions
During search jewellery valued at Rs. 9,51,000 (550 grams) was found and seized. Though it was contended that she received the same as gifts from maternal side of relatives from her birth onwards and on many ceremonial as per culture. However, AO not convinced made addition for total jewellery valued at Rs. 9,51,000.Held: Assessee had placed evidence on record to explain source of jewellery found during course search in the form of affidavits given by her relatives having sufficient means. Who had gifted gold jewellery to assessee on various auspicious occasions, addition for unexplained jewellery could not be sustained. However, this view would not be taken as a precedence as the same depends on material facts of a particular case.
Relied:Ashok Chaddha v. ITO (2012) 14 Taxman.com 57 (Del) : 2012 TaxPub(DT) 3316 (Del-HC) and Vibhu Aggarwal v. Dy. CIT (2018) 93 Taxmann.com 273 (Del) : 2018 TaxPub(DT) 2507 (Del-Trib).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11
IN THE ITAT, INDORE BENCH
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