https://www.taxtmi.com/caselaws?id=67958 Assets disclosed under a voluntary disclosure scheme, once accepted as acquired in earlier years, could not have their later appreciation taxed as unexplained investment or income from other sources where no fresh acquisition or unexplained investment in the year was shown. The addition under section 69B was therefore unsustainable. Where disclosed jewellery was held for a long period and sold in an isolated transaction without trading activity, the sale was assessable as capital gains rather than business income under section 45. However, commission on the sale was not proved to be wholly and exclusively incurred in connection with the transfer, so the deduction against capital gains was disallowed. en-us Sat, 24 Jan 1987 00:00:00 +0530 Tue, 15 Mar 2011 18:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67958 Assets disclosed under a voluntary disclosure scheme, once accepted as acquired in earlier years, could not have their later appreciation taxed as unexplained investment or income from other sources where no fresh acquisition or unexplained investment in the year was shown. The addition under section 69B was therefore unsustainable. Where disclosed jewellery was held for a long period and sold in an isolated transaction without trading activity, the sale was assessable as capital gains rather than business income under section 45. However, commission on the sale was not proved to be wholly and exclusively incurred in connection with the transfer, so the deduction against capital gains was disallowed. Case-Laws Income Tax Sat, 24 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67958