https://www.taxtmi.com/caselaws?id=239861 The Court allowed the appeal under Section 260(A) of the Income Tax Act, setting aside the authorities' decision to add Rs. 1,05,300 for 27 gold sovereigns. The Court accepted the appellant's explanation that the sovereigns, although not strictly jewelry, should be considered part of the family jewelry inventory as listed during the search. Consequently, the addition for the sovereigns was deemed unjustified, ruling in favor of the appellant on ownership and explanation grounds. en-us Mon, 17 Dec 2012 00:00:00 +0530 Sat, 23 Nov 2013 08:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239861 The Court allowed the appeal under Section 260(A) of the Income Tax Act, setting aside the authorities' decision to add Rs. 1,05,300 for 27 gold sovereigns. The Court accepted the appellant's explanation that the sovereigns, although not strictly jewelry, should be considered part of the family jewelry inventory as listed during the search. Consequently, the addition for the sovereigns was deemed unjustified, ruling in favor of the appellant on ownership and explanation grounds. Case-Laws Income Tax Mon, 17 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239861