Case Law Details
Sh. Vibhu Aggarwal Vs DCIT (ITAT Delhi)
ITAT held that the excess jewellery found in the case of assessee, his parents, his wife, their children and the HUF was very nominal, and was very much reasonable, keeping in mind the riches and high status and more customary practices.
It further held that Keeping in view of the facts and circumstances of the case as well as the status of the family and on the anvil of the judgement of the High Court of Delhi in the case of Ashok Chadha vs. ITO (Supra) & of Sushila Devi in Writ Petition No. 7620 of 2011 dated 21.10.2016 and the ITAT Delhi decision in the case of Suneela Soni vs. DCIT passed in ITA No. 5259/Del/2017 dated 16.3.2018, the explanation given by the assessee’s counsel is accepted. Accordingly the orders of the authorities below are cancelled and addition made by the AO and partly confirmed by the Ld. CIT(A) on account of balance jewellery weighting 1050 gms of gold as unexplained is hereby deleted.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
The Assessee has filed the Appeal against the Order dated 22.12.2014 of the Ld. CIT(A)-24, New Delhi pertaining to assessment year 2011-12 on the following grounds:-
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