Case Law Details
Case Name : Saket Bansal Vs JCIT (ITAT Delhi)
Related Assessment Year : 2022-23
Courts :
All ITAT ITAT Delhi
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Saket Bansal Vs JCIT (ITAT Delhi)
Search Jewellery Not Fully Unexplained – ITAT Grants Partial Relief
Background
Assessees (Saket & Abhishek Bansal) were covered in a search on Pacific Group (17.11.2021).
At Locker No. 1132, Alaknanda Vaults Pvt. Ltd., jewellery worth ₹1.72 Cr. and bullion worth ₹34.52 lakh were found.
AO held that 358.87 gms of gold jewellery (incl. coins), valued at ₹15.48 lakh (as on 14.01.2022 @ ₹4,314.78/gm), was unexplained.
Addition made u/s 69B, taxed u/s 115BBE.
CIT(A) confirmed the addition.
Assessees’ Arguments
Claimed jewellery formed part of ope...
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