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Income Tax - Highlights / Catch Notes

Home Highlights December 2013 Year 2013 This

Unexplained investment in jewellery - The quantum and the worth ...

Case Laws     Income Tax

December 30, 2013

Unexplained investment in jewellery - The quantum and the worth of the gifts also depend upon the social as well as financial status not only of the donor but of the donee also - It cannot be said to be a case of unexplained jewellery - AT

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  1. Unexplained investment – Gifted jewelleries cannot be treated as unexplained as the same is duly supported by such corroborative evidence like gift certificate etc. - AT

  2. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

  3. The assessee's investment in film financing business was examined based on seized documents and statements recorded during the search operation. The explanation that the...

  4. Unexplained cash found during the search action - AO has not pointed out any unexplained credit in the books of account, any unexplained investment, any unexplained...

  5. 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...

  6. 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...

  7. Reopening of assessment u/s 147 - Addition u/s 68 - Upon perusal of assessee’s written submissions as placed on record, another pertinent fact to be noted is that all...

  8. Unexplained jewellery seized during search and seizure operations treated as explained based on assessee's high income and family status. Assessing Officer's addition...

  9. Addition u/s 69 - Unexplained investment or not - only when the investment is not recorded in the books of accounts or the explanation by the assessee regarding the...

  10. Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO...

  11. Unexplained investment u/s 69 - The aspect that this income was not declared in the original return of income cannot be a ground to automatically conclude that it is...

  12. Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

  13. Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

  14. Unexplained gifts – Donee denied to make gifts – transaction is not genuine but colorable – money is routed indirectly from the firm to the assessee's account under...

  15. Unexplained investment u/s 69 – Assessee paid up additional stamp duty on valuation - This by itself would not mean that the assessee made any unexplained investment - HC

 

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