https://www.taxtmi.com/highlights?id=80244 Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision. en-us Thu, 08 Aug 2024 09:09:45 +0530 Thu, 08 Aug 2024 09:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80244 Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision. Highlights Income Tax Thu, 08 Aug 2024 09:09:45 +0530 https://www.taxtmi.com/highlights?id=80244