Unexplained jewellery: ITAT allows credit for 100 gms of jewellery to son of assessee

Parag Gupta Vs DCIT (ITAT Delhi) The issue in the present ground is with respect to addition of Rs. 2,70,000/- on account of unexplained jewellery. It is the contention of the learned AR that if the correct quantity of jewellary (i.e. 671.53 gms is considered instead of 771.83 gms) and if the credit for jewellery in the hand of his son is also given then there would remain no excess jewellery. We find force in the contention of the learned AR. We find that CIT(A) in para 2.3 of the order has noted that total jewellery of 771.83 gms valued at Rs. 31,27,296/- was found from the possession of the...