Diamond Jewelry Included in Gross Weight, Not Added Separately to Wealth: ITAT

Shekhar Agarwal Vs ACIT (ITAT Delhi) Shekhar Agarwal has contested against the addition of Rs. 4,48,796/- under section 69A of the Act, pertaining to A.Y. 2015-16. The issue revolves around diamond jewellery found during search proceedings and its declaration in the Wealth Tax Return. Detailed Analysis: During a search operation at Shekhar Agarwal and his wife’s premises, diamond jewellery of 38.75 carats was found. However, this jewellery was not declared in the Wealth Tax Return. The Assessing Officer (AO) made an addition of Rs. 4,48,796/- under section 69A, believing it was undisclos...