SAKSHI MAHESHWARI,KOTA RAJASTHAN vs. ACIT, DCIT, CENTRAL CIRCLE, KOTA, KOTA RAJASTHAN

ITA 584/JPR/2023Status: DisposedITAT Jaipur06 May 2024AY 2017-18Bench: SHRI SANDEEP GOSAIN (Judicial Member), DR MITHA LAL MEENA (Accountant Member)21 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found merit in the assessee's submissions that the jewellery was explained and concurred with the assessee's contentions.

What were the facts?

A search and seizure operation was conducted at the assessee's residence, leading to the addition of Rs. 29,75,651/- on account of unexplained jewellery. The assessee claimed the jewellery was explained through gifts and prior purchases.

What were the issues?

Whether the jewellery found during the search was unexplained income, and if the tax under Section 115BBE was correctly levied.

Which sections of the Income-tax Act were involved?

Section 132,Section 143(3),Section 115BBE,Section 56(1)(vii),Section 68,Section 69,Section 69A,Section 69C,Section 69D

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: SHRI SANDEEP GOSAIN, JM & DR MITHA LAL MEENA, AM vk;dj vihy la-@ITA No. 584/JP/2023

Hearing: 07/02/2024Pronounced: 06/05/2024

PER: SANDEEP GOSAIN, JM This appeal filed by the assessee is directed against order of the ld. CIT(A), Udaipur -2 dated 24-08-2023, for the assessment year 2017-18 wherein the assessee has raised the following grounds of appeal. ‘’1.That the Ld. A.O. grossly erred on law and facts in making the additions of Rs. 2975651.00 by stating unexplained Jewellery, whereas the assessee fully explained the Jewellery in course of search and in post search proceedings. And

The order continues below.

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