Tag: jewellery found in search

Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In a recent judgment, Hon’ble Delhi High Court has held that in view of section 132B(4), the stipulation of 120 days for release of seized jewellery/gold is directory not …

Merely because jewellery is converted into solid gold / gold biscuits, it cannot be presumed to be unexplained or in excess of permissible limit – ITAT In a recent judgment, ITAT Ranchi has held that merely because the jewellery has been converted into solid gold / gold biscuits, …

Loss of jewellery seized and kept in bank custody amounts to loss by Income Tax Authorities and payment of said jewellery has to be made by the Income Tax Authorities. In a recent judgment, Hon’ble High Court has held that the loss of jewellery seized by Income Tax …

Seizure of jewellery held valid in view of assessee’s failure to substantiate the legitimacy of jewellery, discrepancies in documentation and weight In a recent judgment, Hon’ble Calcutta High Court held that the seizure of the jewellery was valid in view of the assessee’s failure to substantiate the legitimacy …

Addition u/s 69A deleted as there was no difference in the quantity of jewellery found during search and jewellery declared in the wealth tax return. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A as Assessing Officer (AO) made addition only on the basis of value of …

Jewellery found in search can not be apportioned equally among family members – ITAT In a recent judgment, ITAT Delhi has held that when jewellery found in house cohabited by various family members, AO can not apportion jewellery in equal proportion without identifying the person to whom the …

Merely on basis of unsigned document it cannot be assumed that amount/price paid is as stated in said document – ITAT In a recent judgment, the ITAT Hyderabad has held that merely on the basis of an unsigned document it cannot be assumed that price paid is as …

CBDT Instruction 1916 on exclusion of jewellery confined only to the stage of seizure during search In a recent judgment, Hon’ble Madras High Court has held that CBDT Instruction 1916 on exclusion of jewellery is confined only at the stage of seizure during search and not to the …

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 …