AO have no right to take decision without supporting evidence and assessee must give explanation to his claim
Last updated: 23 May 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Facts indicate that in this case, the assessee was a proprietor of a boutique, which she was running at Naraina Vihar, New Delhi. She had inherited jewellery from her late mother and father from the locker which was relinquished to her vide a Relinquishment Deed. She had also inherited jewellery from her late mother-in-law. During the year under consideration, the assessee had sold jewellery for a sum of Rs.1,32,52,409/- and had declared taxable long term capital gain on the same to the tune of Rs.37,922/-. The Assessing Officer, did not accept the explanation of the assessee and treated the whole amount as investment in jewellery from unaccounted sources and accordingly framed the assessment order.
Citation :
ACIT, Circle 25(1), Gurgaon (Appellant) Vs. Smt. Rajni Malik, 73/17, Sector, Defence Colony, Gurgaon. (PAN/GIR No.ACKPM1998F) (Respondent)
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Ayush
Published in Income Tax
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