Held, that the loose slips found during the course of search related to certain purchases made by the assessee in respect of his real estate projects. Where the liability towards purchases had been shown under the head \u201ccapital work-in-progress\u201d corresponding to the document found during the course of search and continued to remain outstanding (and payment not being made during the year) in the books of account at the year-end, it was a case where the assessee had neither claimed the expenditure nor made any payment during the year under consideration. Therefore, the question of disallowance or making an addition thereon did not arise and is\u00a0 deleted. Held that the assessee explained the source of loan taken in personal capacity and shown as capital contribution\u00a0 Addition was deleted.\u00a0\u00a0 As regards \u00a0the value of jewellery found during the course of search was well within the limits as provided in Central Board of Direct Taxes Instruction No. 1916, dated May 11, 1994 as corroborated by the copy of panchnamas and Departmental valuer report. The panchnamas and the Departmental valuer\u2019s report were part of the assessment records and could be verified to examine veracity of the contention raised by the assessee.\u00a0 The issue was set aside to the file of the Assessing Officer to examine the contention in accordance with law after providing reasonable opportunity to the assessee \u00a0(AY.2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3) : Assessment-Search and seizure-Capital work in progress-Loose slips found during search-Neither claiming expenditure nor payment-Addition is deleted-Loan taken in personal capacity-Addition is not valid-Jewellery-Matter remanded. [S. 37(1), 132]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36732","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9ys","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36732"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36732\/revisions"}],"predecessor-version":[{"id":45127,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36732\/revisions\/45127"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}