Sri. Kavitha Jewellers v. DCIT (2019) 263 Taxman 185/ 309 CTR 82/ 177 DTR 100 (Mad.)(HC)

S. 69A : Unexplained money–Search–Excess jewellery found which belongs to partners-Addition cannot be made in the assessment of firm. [S. 158BB]

Allowing the appeal of the assessee the Court held that  in a  notebook it was stated that excess jewellery belonged to partners of assessee who offered same to revenue .Accordingly the addition cannot be made in the assessment of the firm. (BP. 1-4-1987 to 27-11-1997)