Addition Deleted for Wrist Watches Due to invocation of Section 69 Instead of 69A

DCIT Vs Smt. Kushal Singh (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal Delhi arose from the order of the Commissioner of Income Tax (Appeals) deleting additions made during assessment under Section 143(3) of the Income Tax Act, 1961, following a search conducted under Section 132. The Revenue challenged deletions relating to unexplained wrist watches and jewellery found during the search for Assessment Year 2019–20. During the search, nine wrist watches were seized from the assessee’s residence and valued by a departmental valuer at ₹58.70 lakh. The Assessing Officer ...