2010 (7) TMI 124

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....ve been preferred under Section 260A of Income Tax Act, 1961 (for brevity "Act 1961") challenging the order dated 20th March, 2009 passed by the Income Tax Appellate Tribunal, Delhi (in short "ITAT") whereby it has deleted addition of Rs.9,34,215/- and Rs.8,20,410/- made by the Assessing Officer on account of unexplained investment allegedly made by the two assesses in jewellery. 2. Ms. Prem La....

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.... said source on the ground that as per the VDIS disclosure, the jewellery was stated to be acquired during the previous year relevant to AY 1986-87 whereas no such jewellery was actually found during the course of search conducted at the residence of Bhalla family on 15.09.1992 and 10.02.2000. On the other hand, the learned CIT(A) accepted the said source relying mainly on the decision of Special ....

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....r the assessee, in the said case, the assessee had claimed immunity on the basis of voluntary disclosure made under the Voluntary Disclosure of Income & Wealth Tax Act, 1976 in the proceedings under SAFEMA and while denying the same, it was held by the Hon'ble Apex Court that the immunity granted under Voluntary Disclosure of Income & Wealth Tax Act, 1976 is of limited character and extends to onl....

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....laration made under VDIS, 1997, the AO denied the same on the ground that no such jewellery was found during the course of search conducted earlier on 15.09.1992 and 10.02.2000. Keeping in view the decision of Special Bench of ITAT at Kolkata in the case of ACIT vs. Surya Kant Dalmia (supra) and having regard to all the facts of the case, the action of the AO in not accepting the explanation of th....