https://www.taxtmi.com/caselaws?id=446727 ITAT Cochin-AT dismissed assessee's appeal in revision proceedings u/s 263. AO applied Board Instruction 1916 regarding Streedhan to unexplained gold jewellery found during search, treating it as not requiring assessment. Pr. CIT found this erroneous and prejudicial to revenue, noting BI 1916 only regulates seizure parameters and doesn't provide assessment concessions. ITAT held AO's interpretation was misapplication of law, as Board Instructions cannot usurp adjudication powers or travel beyond legal bounds. The assessment was liable for revision regarding unexplained investment u/s 69/69B. en-us Thu, 07 Dec 2023 00:00:00 +0530 Fri, 08 Dec 2023 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446727 ITAT Cochin-AT dismissed assessee's appeal in revision proceedings u/s 263. AO applied Board Instruction 1916 regarding Streedhan to unexplained gold jewellery found during search, treating it as not requiring assessment. Pr. CIT found this erroneous and prejudicial to revenue, noting BI 1916 only regulates seizure parameters and doesn't provide assessment concessions. ITAT held AO's interpretation was misapplication of law, as Board Instructions cannot usurp adjudication powers or travel beyond legal bounds. The assessment was liable for revision regarding unexplained investment u/s 69/69B. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446727