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        Case ID :
        Income Tax

        ITAT addressed unexplained investments during a search u/s 132....

        Legal Showdown: Unexplained Investments Scrutinized as Nine Watches Dismissed and Jewellery Ownership Claims Challenged Under Section 132

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT addressed unexplained investments during a search u/s 132. Nine wrist watches seized were deemed inadmissible under section 69, as they should have been evaluated under section 69A. Jewellery valued at Rs. 96,15,563/- was treated as explained, with the CIT(A)'s deletion of Rs. 1,07,22,844/- upheld. Regarding ownership of 6200 grams of jewellery, the tribunal directed the Assessing Officer to re-examine claimants' statements and verify ownership substantively. The presumption of ownership under section 132(4) remained rebuttable. The Revenue's appeal was partially allowed for statistical purposes, with specific directions for further investigation into the jewellery's provenance.
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