Cash and Jewelry Found During Search Deemed Explained as Family Assets When No Contrary Evidence Exists

ITAT allowed taxpayer's appeal against additions made for unexplained cash and jewelry found during search proceedings. The Tribunal held that mere possession of cash withdrawn from business cannot be treated as unexplained when no contrary evidence exists showing its utilization elsewhere. Regarding jewelry, ITAT ruled that items found in Nidhi Data's bedroom and locker, supported by evidence and affidavits, cannot be treated as unexplained assets in assessee's hands. Similarly, silver articles discovered in Nidhi Data's possession were deemed justified given the family's status and absence of any purchase evidence during search. The Tribunal directed deletion of additions totaling Rs. 27,15,544 for gold jewelry and reversed the finding on unexplained silver articles. .....

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