https://www.taxtmi.com/caselaws?id=450047 ITAT Jodhpur allowed the assessee's appeal on two grounds. First, regarding capital gains computation on gold conversion to stock-in-trade, the tribunal held that once conversion is accepted by revenue, they cannot change the valuation adopted by the assessee. The tribunal accepted that physical gold delivery rates are higher than online platform rates, validating the assessee's valuation. Second, on unexplained money under section 69A, the tribunal ruled that cash sales recorded with proper invoices and delivery on demonetization date cannot be treated as unexplained income merely due to timing, following jurisdictional HC precedent. en-us Thu, 22 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450047 ITAT Jodhpur allowed the assessee's appeal on two grounds. First, regarding capital gains computation on gold conversion to stock-in-trade, the tribunal held that once conversion is accepted by revenue, they cannot change the valuation adopted by the assessee. The tribunal accepted that physical gold delivery rates are higher than online platform rates, validating the assessee's valuation. Second, on unexplained money under section 69A, the tribunal ruled that cash sales recorded with proper invoices and delivery on demonetization date cannot be treated as unexplained income merely due to timing, following jurisdictional HC precedent. Case-Laws Income Tax Thu, 22 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450047