https://www.taxtmi.com/caselaws?id=209587 HC upheld Tribunal's findings largely in favour of the assessee: jewellery seized in search was accepted as explained by applying CBDT Circular guidelines on customary family gifts; gross profit estimate (Tribunal's 5% v. CIT(A)'s 6%) was a factual estimate not warranting interference; income could not be separately added for bill-discounting where same cheque transactions were already accounted for; and unexplained house renovation expenses were reduced because part was disclosed by the spouse and the remainder formed part of an overall voluntary disclosure. Overall, most additions were disallowed or reduced in favour of the assessee. en-us Mon, 19 Jul 2010 00:00:00 +0530 Tue, 28 Apr 2026 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209587 HC upheld Tribunal's findings largely in favour of the assessee: jewellery seized in search was accepted as explained by applying CBDT Circular guidelines on customary family gifts; gross profit estimate (Tribunal's 5% v. CIT(A)'s 6%) was a factual estimate not warranting interference; income could not be separately added for bill-discounting where same cheque transactions were already accounted for; and unexplained house renovation expenses were reduced because part was disclosed by the spouse and the remainder formed part of an overall voluntary disclosure. Overall, most additions were disallowed or reduced in favour of the assessee. Case-Laws Income Tax Mon, 19 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209587