Tag: jewellery found in search
Diamond jewellery is always studded with gold and loose diamonds were found during search operation, ITAT deleted addition u/s 69A ABCAUS Case Law Citation:ABCAUS 3832 (2024) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order of the …
Explanation that jewellery was acquired out of agricultural income of Bigger HUF before its partition cannot be termed as not plausible – ITAT ABCAUS Case Law Citation:ABCAUS 3753 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition …
There is no provision in the Income Tax Act to tax the difference between value of jewellery declared and jewellery found in search as deemed sale ABCAUS Case Law Citation:ABCAUS 3744 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Drawings and returned income speak volumes about richness of family – ITAT deleted addition for jewellery found during search. ABCAUS Case Law Citation:ABCAUS 3737 (2023) (05) ITAT Important Case Laws relied upon:Ashok Chaddha vs. ITO 14 taxman.com 57 In the instant case, the assessee had challenged the order …
Jewellery can not be held unexplained simply because weight of Gold coins was not stated in the Will and only number of gold coins were mentioned ABCAUS Case Law CitationABCAUS 3570 (2022) (01) ITAT In a recent judgment, ITAT has held that Jewellery can not be held unexplained …
CBDT Circular though meant for non-seizure of jewellery takes into account quantity of jewellery generally held by family members of a Hindu Family ABCAUS Case Law CitationABCAUS 3482 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the …
Assessee can not be taxed for jewellery belonging to family members erroneously or under compulsion offered to tax during search ABCAUS Case Law CitationABCAUS 3414 (2020) (10) ITAT Important case law relied upon by the parties:CIT v Rakesh Ramani 94 taxmann.com 461 (Bom)(HC)/Balmukund Acharya v DCIT 310 ITR …
Addition for jewellery found in search deleted as net weight found in search was lower than jewellery found during earlier search despite minor mismatch in items of jewellery. ABACUS Case Law CitationABCAUS 3376 (2020) (08) ITAT Important case law relied upon by the parties:Krishan Kumar Modi versus ACIT …
In the absence of finding as to the year of purchase, jewellery found in locker would not represent the undisclosed income as defined in the explanation to section 271AAB of the Act ABCAUS Case Law Citation: ABCAUS 2887 (2019) (04) ITAT Important Case Laws Cited/relied upon by …
Jewellery Bills found during search-benefit of CBDT Instruction can not be denied if only bills are found and the jewellery is not available ABCAUS Case Law Citation: ABCAUS 2778 (2019) (02) ITAT Important Case Laws Cited/relied upon by the parties CIT V Rtanlal Vyaparilal Jain 339 ITR 351 …
