https://www.taxtmi.com/caselaws?id=103124 The Tribunal upheld the CIT(A)'s decision, ruling the re-opening of assessment for the assessment year 1986-87 as invalid. It found the assessee consistently declared jewellery value based on acquisition cost and rectified it under an amnesty scheme. The Tribunal noted no excess jewellery quantity during search, supporting ownership since 1979-80. It dismissed Revenue's claims of undisclosed sources, citing valuation discrepancies and lack of evidence for acquisitions. Consequently, the Tribunal rejected Revenue's appeals, affirming assessment validity based on disclosed facts and consistent jewellery valuation. en-us Thu, 03 Oct 2002 00:00:00 +0530 Mon, 20 Feb 2012 18:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103124 The Tribunal upheld the CIT(A)'s decision, ruling the re-opening of assessment for the assessment year 1986-87 as invalid. It found the assessee consistently declared jewellery value based on acquisition cost and rectified it under an amnesty scheme. The Tribunal noted no excess jewellery quantity during search, supporting ownership since 1979-80. It dismissed Revenue's claims of undisclosed sources, citing valuation discrepancies and lack of evidence for acquisitions. Consequently, the Tribunal rejected Revenue's appeals, affirming assessment validity based on disclosed facts and consistent jewellery valuation. Case-Laws Income Tax Thu, 03 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103124