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Addition U/s. 69 for Jewellery duly reflected in Books with evidenced source not sustainable
Case Law Details
- Case Name
- Smt. Kusum Bhura Vs. I.T.O. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010- 11
- Courts
- All ITAT, ITAT Kolkata
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Smt. Kusum Bhura Vs. ITO (ITAT Kolkata)
In the present case investments of jewellery is duly reflected in the books of accounts of the assesses. Therefore there is no scope of applying the provision of section 69 of the Act. Apart from the above source of funds is evidenced by the payments from disclosed bank accounts. Therefore the source of investments is also properly and satisfactorily explained by the assesses. In the circumstances, I am of the view that the additions made by the AO and confirmed by CIT(A) cannot be sustained and the same is directed to be deleted.
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