https://www.taxtmi.com/caselaws?id=777233 ITAT (Chandigarh) upheld the appellate order deleting an addition relating to unexplained jewellery where the assessee (a partnership concern) had surrendered extra income and demonstrated allocation of that amount to building, land, partner withdrawals and stock differences. Tribunal held income cannot be presumed without corresponding unexplained expenditure or discovered assets; absent cash recovery or expenditure found during search, the declared extra income was properly represented by those assets and partner withdrawals. Revenue's appeal dismissed. en-us Thu, 09 Jan 2025 00:00:00 +0530 Tue, 26 Aug 2025 16:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777233 ITAT (Chandigarh) upheld the appellate order deleting an addition relating to unexplained jewellery where the assessee (a partnership concern) had surrendered extra income and demonstrated allocation of that amount to building, land, partner withdrawals and stock differences. Tribunal held income cannot be presumed without corresponding unexplained expenditure or discovered assets; absent cash recovery or expenditure found during search, the declared extra income was properly represented by those assets and partner withdrawals. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777233