New Delhi, Aug. 31 -- A Nagpur-based chartered accountant whose home was searched by the income-tax department had 2.434 kg of jewellery valued at Rs.90.59 lakh. Of this, jewellery weighing 1.314 kg and valued at Rs.33.33 lakh was seized.

Yet, the Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has deleted the remaining tax addition on the disputed jewellery, holding that ownership, source, family circumstances and the nature of the jewellery had to be considered before treating it as unexplained.

The ruling came in the case of Nirmal Kumar Agrawal v. ACIT, Central Circle-2(1), Nagpur, ITA No. 530/Nag/2025, pronounced on 10 August 2026. The search was conducted on 26 July 2016. Agrawal, a practising chartered accountant and partner ...