ITAT Mumbai deletes addition for Stock found in lockers during search & seizure

Rameshkumar H. Jain Vs DCIT (ITAT Mumbai) It is not in dispute that during the search of locker the jewellery and ornament worth Rs.70,10,799/- was found. The details are mentioned below: Sr. no. 1. Gold & Jewellery belonging to third parties on account of sale on approval basis or labour work. Rs.39,85,761/- 2. Gold & Jewellery belonging to wife and children Rs.7,93,594/- 3. Stock of the Assessee Rs.22,31,445/- Total Value Rs.70,10,799/- The claim of the assessee was almost allowed accepting the stock value of the assessee. The assessee is a trader in Gold & Jewel...