https://www.taxtmi.com/caselaws?id=467084 Cash and jewellery found in search were held explainable where the assessee produced contemporaneous documents, affidavits, bank records and confirmations from the persons concerned. The cash explanation, traced to advance money received against an agreement to sell land, was accepted because the supporting parties confirmed the transaction and the time gap or delayed sale deed, by itself, did not discredit the source. The jewellery addition was also rejected because family affidavits were unrebutted and the assessee's admitted jewellery fell within the permissible holding recognised by CBDT Instruction No. 1916 and prevailing social practice. The additions were deleted as based on conjecture rather than evidence. en-us Thu, 16 May 2024 00:00:00 +0530 Thu, 05 Mar 2026 10:12:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467084 Cash and jewellery found in search were held explainable where the assessee produced contemporaneous documents, affidavits, bank records and confirmations from the persons concerned. The cash explanation, traced to advance money received against an agreement to sell land, was accepted because the supporting parties confirmed the transaction and the time gap or delayed sale deed, by itself, did not discredit the source. The jewellery addition was also rejected because family affidavits were unrebutted and the assessee's admitted jewellery fell within the permissible holding recognised by CBDT Instruction No. 1916 and prevailing social practice. The additions were deleted as based on conjecture rather than evidence. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467084