Jewellery not found during Search cannot be Treated as Sold to levy Capital Gain

Bina Aggarwal Vs ACIT (ITAT Delhi) The issue under consideration is whether short of the jewellery found during search be treated as sold and capital gain attracted? ITAT states that, the assessee has given the explanation that the short of the jewellery found during the search was due to the reason that in a recent time the assessee’s daughter got married and some of the jewellery is either with the relatives or with the valuer. These facts were brought on record during the search and in the statement of the assessee taken during the search has given details of the relatives of assessee wit...