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In the instant case, AO has made addition on account of jewellery seized as an unexplained investment in the jewellery. Held that—Unexplained investment is a small amount vis-a-vis high income declared by the assessee. No other incriminating material was found during the search operation which could evidence that the assessee has any undisclosed sources of income which were hidden from Revenue. No other incriminating material is brought on record by Revenue to contend that these seized jewelleries were purchased out of any undisclosed income except that the assessee could not bring on evidence to justify/substantiate its acquisition. Thus, on the touchstone of preponderance of probabilities keeping in view the cumulative impact of peculiar factual matrix surrounding this case as discussed above and also keeping in view smallness of the amount vis-a-vis income declared by the assessee over a period of time, we hold that the additions as made by the AO and confirmed by CIT(A) towards unexplained investment in jewellery to the tune of ? 8,70,740/- is not sustainable in the eyes of law and we order deletion of this addition as was made by the AO and confirmed by learned CIT(A). We adjudicate this ground in favor of the assessee.

Shanti Prime Publication Pvt. Ltd.

Section 69, 132 of Income Tax Act, 1961—In the instant case, AO has made addition on account of jewellery seized as an unexplained investment in the jewellery.

Held that—Unexplained investment is a small amount vis-a-vis high income declared by the assessee. No other incriminating material was found during the search operation which could evidence that the assessee has any undisclosed sources of income which were hidden from Revenue. No other incriminating material is brought on record by Revenue to contend that these seized jewelleries were purchased out of any undisclosed income except that the assessee could not bring on evidence to justify/substantiate its acquisition.

Thus, on the touchstone of preponderance of probabilities keeping in view the cumulative impact of peculiar factual matrix surrounding this case as discussed above and also keeping in view smallness of the amount vis-a-vis income declared by the assessee over a period of time, we hold that the additions as made by the AO and confirmed by CIT(A) towards unexplained investment in jewellery to the tune of ₹ 8,70,740/- is not sustainable in the eyes of law and we order deletion of this addition as was made by the AO and confirmed by learned CIT(A). We adjudicate this ground in favor of the assessee.[MONISHA R. JAISING VERSUS DCIT CEN CIR 24 & 26, MUMBAI] [2018] [7] [ITCD Online] [55] [ITAT MUMBAI]

In the instant case, AO has made addition on account of jewellery seized as an unexplained investment in the jewellery. Held that—Unexplained investment is a small amount vis-a-vis high income declared by the assessee. No other incriminating material was found during the search operation which could evidence that the assessee has any undisclosed sources of income which were hidden from Revenue. No other incriminating material is brought on record by Revenue to contend that these seized jewelleries were purchased out of any undisclosed income except that the assessee could not bring on evidence to justify/substantiate its acquisition. Thus, on the touchstone of preponderance of probabilities keeping in view the cumulative impact of peculiar factual matrix surrounding this case as discussed above and also keeping in view smallness of the amount vis-a-vis income declared by the assessee over a period of time, we hold that the additions as made by the AO and confirmed by CIT(A) towards unexplained investment in jewellery to the tune of ? 8,70,740/- is not sustainable in the eyes of law and we order deletion of this addition as was made by the AO and confirmed by learned CIT(A). We adjudicate this ground in favor of the assessee.

Shanti Prime Publication Pvt. Ltd.

Section 69, 132 of Income Tax Act, 1961—In the instant case, AO has made addition on account of jewellery seized as an unexplained investment in the jewellery.