The Tax Publishers2021 TaxPub(DT) 0774 (Hyd-Trib)

INCOME TAX ACT, 1961

Section 69

Where it remained the fact that assessee had not been able to explain each and every item in both gold as well as silver stock(s) and even a detailed reconciliation statement was placed on record, the very discrepancy continued, it was appropriate that a lump sum addition of Rs. 2 lakhs qua excess gold and Rs. 1 lakh pertaining to excess silver stock; respectively over and above the survey disclosure of Rs. 10 lakhs, would meet the ends of justice.

Income from undisclosed sources - Addition under section 69 - Unexplained jewellery - CIT(A) reversing excess gold addition without corroborative evidences

A survey action was conducted at the business premises of assessee wherein an excess gold and silver ornaments/excess stock was found and thus addition was made on account of unexplained jewellery.Held: The fact remain that assessee was had not been able to explain each and every item in both gold as well as silver stock(s). It was noticed that, a detailed reconciliation statement of both stocks of gold as well as silver items was placed on record, the very discrepancy continued in the instant second appellate proceedings as well. Therefore, it was appropriate that a lump sum addition of Rs. 2 lakhs qua excess gold and Rs. 1 lakh pertaining to excess silver stock; respectively over and above the survey disclosure of Rs. 10 lakhs, would meet the ends of justice. The same would be deemed to have covered all the alleged shortfalls as well.

REFERRED :

FAVOUR : Partly in favour of assessee.

A.Y. : 2012-13



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