https://www.taxtmi.com/caselaws?id=456555 ITAT Chennai addressed multiple issues in a search and seizure case. The tribunal directed the AO to verify cash seizure amount discrepancy (Rs. 2 lacs vs Rs. 6.90 lacs claimed) and allowed assessee to substantiate source. For jewelry, full CBDT Circular concession was granted instead of estimated 200 grams per member. Rental income estimation was deemed baseless with CIT(A) deletion upheld. Capital gains and property purchase issues were restored to AO for fresh adjudication. Agricultural income addition was permitted despite not being in original assessment, as it arose from set-aside proceedings. AO was directed to accept agricultural income claim. Undisclosed bank accounts issue was restored to AO with direction for assessee to substantiate credit sources, rejecting argument that Section 68 doesn't apply to bank entries. en-us Fri, 22 Sep 2023 00:00:00 +0530 Mon, 27 Jul 2026 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456555 ITAT Chennai addressed multiple issues in a search and seizure case. The tribunal directed the AO to verify cash seizure amount discrepancy (Rs. 2 lacs vs Rs. 6.90 lacs claimed) and allowed assessee to substantiate source. For jewelry, full CBDT Circular concession was granted instead of estimated 200 grams per member. Rental income estimation was deemed baseless with CIT(A) deletion upheld. Capital gains and property purchase issues were restored to AO for fresh adjudication. Agricultural income addition was permitted despite not being in original assessment, as it arose from set-aside proceedings. AO was directed to accept agricultural income claim. Undisclosed bank accounts issue was restored to AO with direction for assessee to substantiate credit sources, rejecting argument that Section 68 doesn't apply to bank entries. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456555