https://www.taxtmi.com/caselaws?id=62050 The ITAT directed the AO to revise the addition based on the valuation method for unaccounted jewellery seized during a search operation. It held that only the actual investment in the jewellery should be considered as undisclosed income. Additionally, the ITAT instructed the AO to give credit for surplus funds from previous assessment years, except for funds withdrawn by a partner in 1988 for which there was no evidence of diversion. The appeal was partly allowed, requiring the AO to recalculate the undisclosed income for the block period. en-us Thu, 05 Mar 1998 00:00:00 +0530 Mon, 17 Jan 2011 18:25:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62050 The ITAT directed the AO to revise the addition based on the valuation method for unaccounted jewellery seized during a search operation. It held that only the actual investment in the jewellery should be considered as undisclosed income. Additionally, the ITAT instructed the AO to give credit for surplus funds from previous assessment years, except for funds withdrawn by a partner in 1988 for which there was no evidence of diversion. The appeal was partly allowed, requiring the AO to recalculate the undisclosed income for the block period. Case-Laws Income Tax Thu, 05 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62050