Family Jewellery & Silver Articles Not Unexplained Assets: ITAT Jaipur

Ajay Data Vs ACIT (ITAT Jaipur) Jewellery and silver articles belonging to family cannot be added as unexplained jewellery ITAT Jaipur held that once the jewellery and silver articles are considered as belonging to the family as a whole, there does not remain any unexplained gold jewellery. Hence, addition towards unexplained gold jewellery is liable to be deleted. Facts- A search and seizure action u/s. 132 of the Income Tax Act, 1961 was carried out by the Income Tax Department on the members/concerns of Data Group, Alwar on 14.10.2015 of which the assessee is one of the members. During the ...