Gold Jewellery Seized u/s 132A Held Explained – Addition u/s 69 r.w.s. 115BBE Deleted

S. Chandra Prakash Vs ITO (ITAT Chennai) The Chennai ITAT (C Bench) partly allowed the appeal of S. Chandra Prakash for AY 2021-22, holding that the gold jewellery seized under section 132A was duly explained and that the addition made under section 69 r.w.s. 115BBE was unsustainable. The Tribunal held that: The entire addition was based primarily on a confession obtained during police custody and enquiry u/s 131(1A), which was subsequently retracted and not corroborated by independent evidence. Confessional statements alone, especially when retracted, cannot form the sole basis for assessmen...