Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The ITAT allowed the assessee's appeal, reversing additions made by the AO. The Tribunal held that the LTCG from Pine Animation Ltd shares was genuine, as the assessee was a regular investor who purchased shares on broker advice, with no contradictory evidence found during examination under s.132(4). Consequently, the 5% estimated commission expense addition was also deleted as unnecessary. Regarding WhatsApp chat evidence, the ITAT ruled that additions cannot be sustained based on digital evidence without proper certification under s.65B. Without corroborative evidence, the alleged chat was merely a third-party document insufficient to establish unexplained cash credits under s.68.
The ITAT allowed the assessee's appeal, reversing additions made by the AO. The Tribunal held that the LTCG from Pine Animation Ltd shares was genuine, as the assessee was a regular investor who purchased shares on broker advice, with no contradictory evidence found during examination under s.132(4). Consequently, the 5% estimated commission expense addition was also deleted as unnecessary. Regarding WhatsApp chat evidence, the ITAT ruled that additions cannot be sustained based on digital evidence without proper certification under s.65B. Without corroborative evidence, the alleged chat was merely a third-party document insufficient to establish unexplained cash credits under s.68.
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