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 submitted that the jewellery was acquired by inheritance from her parents, in-laws and some of the jewellery was purchased by h...