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 opening balance (01.04.2006) reflected in books.
- Contended that it was already disclosed in earlier ITRs & balance sheets.
- CIT(A) ignored ledger accounts & statements filed.
Tribunal’s Observations
- Assessees prima facie discharged onus by showing opening balance of gold in books.
- However, no wealth tax returns or corroborative evidence were filed to prove ownership prior to 2006.
- Revenue’s stand of rejecting claim entirely also unjustified.
- In larger interest of justice, Tribunal made a reasonable estimation.
Decision
- For Saket Bansal: Addition restricted to 233.87 gms (balance 125 gms treated as explained).
- For Abhishek Bansal : Addition restricted to 100 gms (benefit of 61.36 gms allowed).
- Balance relief granted; orders partly sustained.
- Both appeals partly allowed.
FULL TEXT OF THE ORDER OF ITAT DELHI
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