https://www.taxtmi.com/caselaws?id=301401 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 24,72,221 made by the Assessing Officer under the Income Tax Act. The appeals filed by the Revenue were dismissed, as the ITAT agreed that item-to-item reconciliation of jewellery found during a search operation was not necessary, considering that jewellery often undergoes remaking due to changing fashion trends. The CIT(A)'s reliance on gross weight for assessing jewellery value was deemed appropriate, leading to the dismissal of the Revenue's appeals. en-us Tue, 01 Sep 2015 00:00:00 +0530 Mon, 04 Apr 2022 09:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301401 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 24,72,221 made by the Assessing Officer under the Income Tax Act. The appeals filed by the Revenue were dismissed, as the ITAT agreed that item-to-item reconciliation of jewellery found during a search operation was not necessary, considering that jewellery often undergoes remaking due to changing fashion trends. The CIT(A)'s reliance on gross weight for assessing jewellery value was deemed appropriate, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Tue, 01 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301401