Recently, there was a case in the ITAT Mumbai where the Income Tax Department conducted a search operation in a lady’s residential house and her bank lockers and seized her diamonds, gold and silver items and jewellery and held them as unexplained.
In aggregate, the search yielded gold jewellery weighing 427.71 grams, pure gold weighing 258 grams, diamond jewellery containing a gold component of 161.33 grams, and silver-mix articles weighing 11.200 kg.
