ITAT Chennai Sets Aside addition for Unaccounted Jewellery per CBDT Instruction

Laxmi Nanda Kishore Velegatla Vs DCIT (ITAT Chennai) Addition towards unaccounted gold and silver jewellery set aside based on CBDT instruction dated 11.05.1994: ITAT Chennai ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instruction no. 1916 dated 11.05.1994. Accordingly, appeal of the assessee allowed. Facts- The assessee is a Chartered Accountant and working as General Manager, Finance and Accounts in M/s Varficus Ventures P Ltd. As part of search in the group belonging to Ram Prasad Reddy, the assessee’s residentia...