https://www.taxtmi.com/caselaws?id=456306 The ITAT Delhi allowed the assessee's appeal against addition under section 69A read with section 115BBE for unexplained gold ornaments found during search. Following precedents in Ankur Sharma and Vibhu Aggarwal cases, the tribunal held that since the assessee belonged to a wealthy family and the jewellery was received from relatives on various occasions, the excess jewellery was reasonable and justified. Therefore, no addition under section 69A was warranted for the unexplained gold ornaments. en-us Fri, 06 Oct 2023 00:00:00 +0530 Mon, 15 Jul 2024 19:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456306 The ITAT Delhi allowed the assessee's appeal against addition under section 69A read with section 115BBE for unexplained gold ornaments found during search. Following precedents in Ankur Sharma and Vibhu Aggarwal cases, the tribunal held that since the assessee belonged to a wealthy family and the jewellery was received from relatives on various occasions, the excess jewellery was reasonable and justified. Therefore, no addition under section 69A was warranted for the unexplained gold ornaments. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456306