Excess Gold Jewellery Stock found during Survey Proceedings as Stock transferred from Proprietary Concern to Partnership Firm, not unexplained Investment u/s 69B of Income Tax Act: ITAT [Read Order]

By Aparna. M - On October 10, 2023 7:00 am - 2 mins read
Gold Jewellery - Excess Gold Jewellery Stock - Gold Jewellery Stock - Survey Proceedings - Stock transferred - Proprietary Concern - Partnership Firm - unexplained investment - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) Chennai bench held that excess gold jewellery stock found during the survey proceedings as stock transferred from proprietary concern to partnership firm, which was not an unexplained investment under Section 69B of the Income Tax Act, 1961. Assessee, Fathima Jewellers  is a firm engaged in retail business of gold and…

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