ITAT Delhi Partly Allows Appeal on Unexplained Gold Jewellery Addition

Saket Bansal Vs JCIT (ITAT Delhi) Search Jewellery Not Fully Unexplained – ITAT Grants Partial Relief Background Assessees (Saket & Abhishek Bansal) were covered in a search on Pacific Group (17.11.2021). At Locker No. 1132, Alaknanda Vaults Pvt. Ltd., jewellery worth ₹1.72 Cr. and bullion worth ₹34.52 lakh were found. AO held that 358.87 gms of gold jewellery (incl. coins), valued at ₹15.48 lakh (as on 14.01.2022 @ ₹4,314.78/gm), was unexplained. Addition made u/s 69B, taxed u/s 115BBE. CIT(A) confirmed the addition. Assessees’ Arguments Claimed jewellery formed part of ope...