[aaykarbhavan] Losses from sale of jewellery disallowed and held as unexplained monies as jewellery wasn’t reflected in WT return

Losses from sale of jewellery disallowed and held as unexplained monies as jewellery wasn't reflected in WT return

June 3, 2014[2014] 45 taxmann.com 224 (Punjab & Haryana)

IT : Where assessee, a legal heir of 'W', declared certain loss arising from sale of jewellery belonging to 'W', in view of fact that nothing had been disclosed in respect of said jewellery in Wealth tax return, sale in question being bogus, sale amount deposited in bank was to be treated as assessee's income from unexplained sources

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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