https://www.taxtmi.com/caselaws?id=765224 Sale proceeds of cut and polished diamonds could not be assessed as unexplained cash credits where the rough diamonds were evidenced through an IDS declaration and Form 4 certificate, and the processing and sales were supported by invoices, confirmations, bank trail, stock records and section 133(6) responses; the addition under section 68 was deleted. The gain on sale of gifted diamonds was held to be long-term capital gain because the holding period had to include the previous owner's holding period under section 2(42A), and the IDS valuation date could not displace that rule. The consequential commission addition under section 69C also failed because it rested entirely on the rejected premise of bogus accommodation entries. en-us Mon, 20 Jan 2025 00:00:00 +0530 Tue, 28 Jan 2025 08:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765224 Sale proceeds of cut and polished diamonds could not be assessed as unexplained cash credits where the rough diamonds were evidenced through an IDS declaration and Form 4 certificate, and the processing and sales were supported by invoices, confirmations, bank trail, stock records and section 133(6) responses; the addition under section 68 was deleted. The gain on sale of gifted diamonds was held to be long-term capital gain because the holding period had to include the previous owner's holding period under section 2(42A), and the IDS valuation date could not displace that rule. The consequential commission addition under section 69C also failed because it rested entirely on the rejected premise of bogus accommodation entries. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765224