Addition of unexplained investment unsustained based on high status/family tradition & Streedhan

Shri Gyanendra Singh Shekhawat Vs ACIT (ITAT Jaipur)

Held that factors like high status, family tradition, deduction on account of purity and deduction towards Streedhan should be considered before making addition on account of unexplained investment. Accordingly, addition deleted.

Facts-

The assessee belongs to Rajput Community of Rajasthan and as per customs of the Community, some of the Gold/Silver Jewellery/articles are passed on to the subsequent generations and some of the jewellery was received on various festivals/ auspicious occasions and ceremonies. During the course of search, addition of Rs. 24,03,035/- was made on account of unexplained investment on the basis of jewellery found.

CIT(A) partly allowed the appeal and restricted the addition to Rs. 17,55,262/-. Being aggrieved, the assessee has preferred the present appeal.

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