Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT allowed the appeal for statistical purposes and remitted the matter to the file of the ld. AO for fresh adjudication on whether the derivative trades satisfy the conditions of Explanations 1 & 2 to s.43(5). The Tribunal noted absence of stamped contract notes and disputed broker account statements, lack of evidence that impounded digital copies contained complete contract notes, and unproduced s.133(6) enquiry results, but also observed consistent prior-year treatment with the same brokers. Given these factual gaps, ITAT directed the AO to examine broker statements/contract notes and other material and decide in accordance with law, treating the remand as in the interests of justice.
ITAT allowed the appeal for statistical purposes and remitted the matter to the file of the ld. AO for fresh adjudication on whether the derivative trades satisfy the conditions of Explanations 1 & 2 to s.43(5). The Tribunal noted absence of stamped contract notes and disputed broker account statements, lack of evidence that impounded digital copies contained complete contract notes, and unproduced s.133(6) enquiry results, but also observed consistent prior-year treatment with the same brokers. Given these factual gaps, ITAT directed the AO to examine broker statements/contract notes and other material and decide in accordance with law, treating the remand as in the interests of justice.
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