This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 69 Addition Unjustified for Insignificant Discrepancy in 22 Kt Gold & Polki Jewellery Weight
Case Law Details
- Case Name
- Chawla Jewellers Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Chawla Jewellers Vs DCIT (ITAT Delhi)
Conclusion: Addition made under Section 69 on account of the difference in excess stock of 22 Kt Gold and Polki Jewellery was not justified as the total weight of items of 22KT Gold jewelry and 22KT Gold Polki jewelry was 36,943 gms, and as per the estimated value, the difference was merely 113.50 gms, which was 0.32%. While weighing more than 34,000 gms of jewelry, the difference of 113 gms could be considered as an error, and no adverse inference could be drawn on this issue.
Held: Assessee was a corporate entity engaged the business of gold and diamond ...
Author Info
