Unexplained jewellery seized during search and seizure ...

Jewellery seized but treated as explained based on income & family status. Unexplained additions set aside, following HC precedent.

Case Laws Income Tax

July 15, 2024

Unexplained jewellery seized during search and seizure operations treated as explained based on assessee's high income and family status. Assessing Officer's addition u/s 69A for unexplained jewellery set aside, following jurisdictional High Court's decision in Ashok Chaddha case, which recognized holding of substantial jewellery as normal custom in Indian society. Assessee's explanation regarding jewellery held on behalf of sisters-in-law accepted. Appellate Tribunal allowed assessee's appeal and directed deletion of additions made u/s 69A.

View Source

← Previous Next →

Unexplained jewellery seized during search and seizure ...

Jewellery seized but treated as explained based on income & family status. Unexplained additions set aside, following HC precedent.

Case Laws Income Tax

July 15, 2024

You may also like:

Unexplained Jewellery - stree dhan - quantity of jewellery as per the status and life of the assessee - The assessee stated that the income for all the years had fallen...

Addition u/s 69A - unexplained jewellery - The Tribunal found that the addition made by the AO was not justified, especially in light of the appellant's consistent...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Unexplained investment in jewellery and silver articles - looking at the status of the family and the jewellery found during the search, it was held to be reasonable -...

Unexplained jewellery - The arguments raised on behalf of the Revenue on the basis of reference to Section 110 of the Evidence Act, which provides that where a person is...

Penalty u/s 271AAB - Surrender of entire jewellery and silver items during search - benefit of the personal jewellery of various family members is required to be given...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

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...

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...

Unexplained jewellery - By no stretch of imagination if tax is at all due the same is equivalent to 100% value of the jewellery found. Furthermore, the Revenue...

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

Addition of excess jewellery found in search - The Court interpreted CBDT Instruction 1916 and emphasized that it pertains to the seizure stage and does not dictate...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Customs officials seized gold jewelry from petitioners on 23-02-2023. Section 110(2) of Customs Act, 1962 mandates issuing show cause notice u/s 124 within six months of...

Unexplained income - unexplained money under section 69A - gifts received by the assessee from brother and sister - It is a general practice followed that in time of...

Quick Updates: