Jewellery Stock Surrender Taxable as Business Income, Not Unexplained Investment

DCIT Vs Sachin Agrawal (ITAT Agra) In DCIT v. Sachin Agrawal (ITAT Agra, AY 2021–22), the Income Tax Appellate Tribunal (ITAT) upheld the order of the Commissioner of Income Tax (Appeals), Kanpur, holding that surrendered jewellery and cash were taxable as business income and not as unexplained or undisclosed income under Sections 69A and 69B of the Income Tax Act, 1961. A search and seizure operation under Section 132A was conducted on 1 November 2020 against the assessee, Shri Sachin Agrawal, proprietor of M/s Girraj Ornaments, along with two employees—Shri Sunil Garg and Shri Bhagwan Si...