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| The Tax Publishers2019 TaxPub(DT) 1403 (Pune-Trib) : (2019) 199 TTJ 0222 INCOME TAX ACT, 1961
Section 69
Since total gold jewellery in weight found at the time of search was tallying with earlier declarations made by assessee in his wealth-tax returns and VDIS, an inference could be drawn that items initially declared in wealth-tax returns/VDIS were converted into items of jewellery found during search, however, there could be no question of making any addition simply on the ground that description of items in list declared under wealth-tax returns/VDIS was different from those actually found.
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Income from undisclosed sources - Addition under section 69 - Difference between gold, silver and diamond jewellery found during search and as per the Wealth tax returns/VDS -
Search was conducted at assessee's premises. AO made addition on account of difference between actual total gold, silver and diamond jewellery found during search and the jewellery as described in wealth-tax returns and VDIS decalrations of assessee along with his family members. Held: Since total gold jewellery in weight found at the time of search was tallying with earlier declarations made by assessee in his wealth-tax returns and VDIS, an inference could be drawn that items initially declared in wealth-tax returns/VDIS were converted into items of jewellery found during search, however, there could be no question of making any addition simply on the ground that description of items in the list declared under wealth-tax returns/VDIS was different from those actually found.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2004-05 to 2006-07
INCOME TAX ACT, 1961
Section 144A
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