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ITAT partially allowed the appeal concerning unexplained investment under Section 69. The Tribunal sustained the addition of bullion weighing 329 grams valued at Rs. 8,89,170/- and scaled down the addition of gold jewelry from 437.700 grams to 62.962 grams valued at Rs. 1,71,886/-. The decision was based on the assessee's inability to substantiate the source of gold jewelry found in a jointly held locker, with the Tribunal directing the Assessing Officer to restrict the addition accordingly, following judicial precedents and CBDT instructions.
ITAT partially allowed the appeal concerning unexplained investment under Section 69. The Tribunal sustained the addition of bullion weighing 329 grams valued at Rs. 8,89,170/- and scaled down the addition of gold jewelry from 437.700 grams to 62.962 grams valued at Rs. 1,71,886/-. The decision was based on the assessee's inability to substantiate the source of gold jewelry found in a jointly held locker, with the Tribunal directing the Assessing Officer to restrict the addition accordingly, following judicial precedents and CBDT instructions.
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