Diamond Jewelry Included in Gross Weight, Not Added Separately to Wealth: ITAT

Shekhar Agarwal Vs ACIT (ITAT Delhi)

Shekhar Agarwal has contested against the addition of Rs. 4,48,796/- under section 69A of the Act, pertaining to A.Y. 2015-16. The issue revolves around diamond jewellery found during search proceedings and its declaration in the Wealth Tax Return.

Detailed Analysis: During a search operation at Shekhar Agarwal and his wife’s premises, diamond jewellery of 38.75 carats was found. However, this jewellery was not declared in the Wea

Please become a Premium member. If you are already a Premium member, login here to access the full content.