ITAT deletes notional LTCG addition for Jewellery short found during search

Ballabh Prasad Aggarwal Vs ACIT (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) recently ruled in favor of the taxpayer in the case of Ballabh Prasad Aggarwal Vs Assistant Commissioner of Income Tax (ACIT). The case revolved around the income tax addition due to long-term capital gains on a supposed, notional, and fictitious sale of jewellery. ITAT asserted that there is no provision in the Income Tax Act to presume a difference between the value of the jewellery declared in the Wealth Tax Return (WTR) and the value found in the search, in case the jewellery falls shor...