Tax authorities conducted a search and seizure operation at a Mumbai woman’s residence and in bank lockers, recovering gold, diamonds and about 11.2 kilograms of silver.
The Income Tax Appellate Tribunal, Mumbai, subsequently deleted a tax addition of ₹11.23 lakh after accepting the taxpayer’s explanation that a portion of the assets originated from marriage gifts and inheritance.
Tribunal findings
- Seized items included gold, diamonds and 11.2 kg of silver
- Source explanations cited: marriage gifts and inheritance
- ITAT’s conclusion: the addition was set aside based on acceptable source explanations