https://www.taxtmi.com/caselaws?id=427288 The ITAT allowed the appeal, overturning the additions of cash and jewellery made by the lower authorities. The cash found during the search was considered past savings and not unexplained income. The seized jewellery was within permissible limits based on the CBDT circular, legal precedent, and valuation reports, leading to the deletion of the addition. The discrepancies in the description of disclosed jewellery were not supported by evidence of additional undisclosed jewellery, resulting in the deletion of the addition. The ITAT found no justification for treating the seized jewellery as unexplained, ultimately ruling in favor of the assessee. en-us Wed, 17 Aug 2022 00:00:00 +0530 Tue, 06 Sep 2022 07:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427288 The ITAT allowed the appeal, overturning the additions of cash and jewellery made by the lower authorities. The cash found during the search was considered past savings and not unexplained income. The seized jewellery was within permissible limits based on the CBDT circular, legal precedent, and valuation reports, leading to the deletion of the addition. The discrepancies in the description of disclosed jewellery were not supported by evidence of additional undisclosed jewellery, resulting in the deletion of the addition. The ITAT found no justification for treating the seized jewellery as unexplained, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427288