ITAT Delhi deletes addition on family-owned luxury watches

Harshit Kochar Vs ACIT (ITAT Delhi) ITAT Delhi Deletes Addition on Expensive Watches Found During Search – Holds They Belonged to Entire Kochar Family & Within Family Status A search u/s 132 was conducted on 22.10.2016 at the residence of Assessee at  New Delhi along with other Kochar family members.  Jewellery & watches were inventorised.  Assessee filed return declaring income of Rs.6,41,300/-. AO made additions u/s 69A r.w.s. 115BBE towards undisclosed jewellery of Rs.40.68 lakh & expensive watches of Rs.92.37 lakh. Before CIT(A), Assessee explained that jewellery & wat...