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Addition for unexplained gold cannot include value of Silver
Case Law Details
- Case Name
- Shri Mohanlal Haridas Purwat Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Shri Mohanlal Haridas Purwat Vs DCIT (ITAT Mumbai)
The issue under consideration is whether the addition for unexplained Gold made by combining the value of Gold and Silver is justified in law?
ITAT states that the Assessing Officer has started by considering the valuation of gold at the quantity of 831.74 at Rs.28,83,301 and has finally added a sum of Rs.562,400 as unexplained gold. However, it is the fact that actually the valuation of gold seized was Rs. 24,21,206. In the valuation the silver found was Rs 4,62,095. Hence the inclusion of silver valued at Rs 4,62,095 into gold ornaments and ...
