ITAT upheld partial relief allowed by CIT(A) in respect of unexplained jewellery

Lakshmanan Indirani Vs ACIT (ITAT Chennai)

The assessee was subjected to search action u/s 132 on 08-9-2015. During search operations, the jewellery belonging to the assessee and her family members was found. The jewellery weighed 3574.590 Grams which was valued at Rs.85.78 Lacs. In statement u/s 132(4), the assessee submitted that the jewellery belonged to assessee, her daughter Smt. Padmavathi and two grand-daughters.

During assessment proceedings, the assessee also subm

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