Addition towards unexplained jewellery unsustainable as ownership belongs to various people

Ashok Kumar Tyagi Vs ACIT (ITAT Delhi) ITAT Delhi held that addition towards unexplained jewellery unsustainable as panchnama clearly mentions the fact that ownership of jewellery belongs to various people. Facts- The appellant contested that Commissioner of Income Tax (A) has erred in confirming the addition made by the learned Assessing officer of Rs.7,03,200/- under the head unexplained cash and addition of Rs.28,44,470/- under the head unexplained jewellery without going through the facts of the case that cash and jewellery does not belong to the appellant. Conclusion- We find from the rec...