https://www.taxtmi.com/caselaws?id=341503 The tribunal partially allowed the assessee's appeal for statistical purposes and dismissed the revenue's appeal. The tribunal directed the Assessing Officer to re-examine the addition of foreign currency, emphasizing verification if it belonged to the company and was accounted for. Regarding the deemed dividend addition, the tribunal upheld the justification but instructed limiting it to the company's accumulated profits. The addition of jewellery was restricted to the amount of Rs. 15,44,780 as per the CIT(A)'s decision, as the assessee failed to prove the source and acquisition timing of the jewellery. en-us Fri, 07 Apr 2017 00:00:00 +0530 Tue, 11 Apr 2017 07:31:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341503 The tribunal partially allowed the assessee's appeal for statistical purposes and dismissed the revenue's appeal. The tribunal directed the Assessing Officer to re-examine the addition of foreign currency, emphasizing verification if it belonged to the company and was accounted for. Regarding the deemed dividend addition, the tribunal upheld the justification but instructed limiting it to the company's accumulated profits. The addition of jewellery was restricted to the amount of Rs. 15,44,780 as per the CIT(A)'s decision, as the assessee failed to prove the source and acquisition timing of the jewellery. Case-Laws Income Tax Fri, 07 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341503