Seized Gold Ornaments: Lack of distinctive identification numbers on challans not justify addition

PCIT Vs Goutam Chakraborty (Calcutta High Court) The case of PCIT Vs Goutam Chakraborty revolves around the seizure of gold and jewelry during a search operation by the assessee, a partner in a gold ornaments manufacturing firm. The Assessing Officer made additions under section 69A of the Income-tax Act, claiming lack of distinctive identification numbers on the seized items’ challans. This led to an appeal before the CIT (Appeals) and ultimately, the Calcutta High Court. Upon examination, the CIT (Appeals) concluded that the gold and ornaments were meant for jewelry making or polishing...