CIT(A)’s Jewellery Reconciliation Upheld: Unexplained Investment u/s 69 Deleted

DCIT Vs Jagathrakshakan Srinisha (ITAT Chennai) CIT(A)’s Jewellery Reconciliation Upheld—Unexplained Investment u/s 69 Deleted Except ₹72.45 Lakh Treated as Business Income; Section 115BBE & 270A Penalty Also Cancelled In this case, Revenue challenged the detailed & fact-based relief granted by CIT(A) in respect of additions made during search proceedings, where AO had treated jewellery valued at ₹14.60 crore as unexplained investment in the hands of Assessee, Ms. Jagathrakshakan Srinisha. The jewellery had been found not in her premises but in the premises of her parents &...