ARVIND KUMAR MEENA, JODHPUR vs. RAHUL SALECHA, JODHPUR

ITA 537/JODH/2023Status: DisposedITAT Jodhpur12 August 2026AY 2019-207 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s deletion of additions. The jewellery was considered reasonably explained based on family status and CBDT instructions. The guar-gum stock was found to be properly recorded in the father's business accounts with supporting documentation.

What were the facts?

During a search, gold jewellery and stock of guar-gum were found. The assessee explained the jewellery belonged to family members acquired over time, and the guar-gum stock belonged to his father's business, not his own. The Assessing Officer made additions for both.

What were the issues?

Whether the found gold jewellery was unexplained investment, and whether the guar-gum stock was an unrecorded investment of the assessee.

Which sections of the Income-tax Act were involved?

Section 69A,Section 69B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JODHPUR BENCH, JODHPUR

For Appellant: CA (Physical)
For Respondent: DR (Physical)

PER BENCH: The aforesaid appeal has been preferred by the Revenue against the impugned order passed by the Ld. CIT(A) for the Assessment Year 2019-20. The Revenue, in substance, has challenged the deletion of two additions, namely, addition of ₹24,04,743/- made under section 69A on account of gold jewellery found during the course of search and addition of ₹68,63,750/- made under section 69B in respect of stock of guar-gum found at the business premises.

2.

Insofar as the first issue relating to gold jewellery is concerned, during the course of search at the residential premises of the assessee’s family, gold jewellery weighing 2226.176 grams, valued at ₹70,20,884/-, was found. The 2 Asst. Year: 2019-20 assessee had explained that the jewellery belonged to di

The order continues below.

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