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Investment in gold duly reflected in books of accounts cannot be added as unexplained
Case Law Details
- Case Name
- Vishal Dilip Palani Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Ahmedabad
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Vishal Dilip Palani Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that investment made in gold ornaments was duly recorded in the books of accounts and also reflected in the block of assets. Hence, such investment cannot be stated to be remained unexplained.
Facts-
The assessment was completed by AO by making disallowance of freight charges u/s 40(a)(ia) for the alleged failure of assessee to deduct TDS; unexplained cash deposit found to be made in the bank account; unexplained unsecured loans; unexplained investment in gold.
CIT(A) confirmed the CIT(A) confirmed the disallowanc...
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