Sh. Chandra Prakash Jain Vs DCIT

Parties Involved

Facts Summary

The assessee, Sh. Chandra Prakash Jain, filed his return of income for Assessment Year 2022-23 declaring income of Rs. 43,37,120/-. A search and seizure operation under sections 132/133A of the Income Tax Act, 1961 was conducted on the assessee's premises on 30.09.2021. During the search, jewellery worth Rs. 37,47,492/- was seized. The Assessing Officer issued a notice to the assessee to provide documentary evidence in support of such jewellery and explain the source of such investment. The assessee failed to provide any documentary evidences in support of his claim, leading the Assessing Officer to make an addition of Rs. 37,47,492/- under section 69A of the IT Act, 1961 to the total income of the assessee.…

Legal Issues

• 1. Whether the addition of Rs. 37,47,492/- made by the Assessing Officer under section 69A of the IT Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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