Specific explanation needs to be given for Unreported Jewelry in Wealth Tax Return

Rekha Khaitan Vs DCIT (ITAT Delhi)

ITAT Delhi held that more specific plea and explanation ought to be given by an assessee for discharging burden u/s 69B of the Income Tax Act to explain jewelry beyond that mentioned in Wealth Tax Return.

Facts- The assessee was directed to explain the source of jewelry weighing worth Rs. 7,64,46,500/- found from residence and bank locker of the assessee. After taking into consideration the wealth tax return and invoices the Ld. AO sought explanation of jewelry worth

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