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HomeDirect TaxPossession Of Gold Within These CBDT Limits: ITAT Deletes Addition on Gold...

Possession Of Gold Within These CBDT Limits: ITAT Deletes Addition on Gold Jewellery Belonging to Assessee’s Wife and Mother

Direct Tax

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By Amit Sharma
Possession Of Gold Within These CBDT Limits: ITAT Deletes Addition on Gold Jewellery Belonging to Assessee’s Wife and Mother

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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that ornaments belonging to an assessee’s wife and mother, when within reasonable limits, cannot be treated as unexplained investments. The bench of Amit Shukla (Judicial Member) and Arun Khodpia (Accountant Member) upheld the CIT(A)’s deletion of Rs. 11.32 lakh added under Section 69B of the…

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Amit Sharma
Amit Sharma
Amit Sharma is the Content Editor at JurisHour. He has been writing about the Indian legal market. He has covered tax & company litigation stories from the Supreme Court, High Courts and Various Tribunals. Amit graduated from MLSU Law College with B.A.LL.B. and also holds an LL.M. from MLSU, Udaipur, Rajasthan. An Advocate in Taxation, and practised in Tribunals as well as Rajasthan High Court and pursued Masters in Constitutional Law. He started out small with little resources but a big plan to take tax legal education to the remotest locations across India and eventually to the world. His vision is to make tax related legal developments accessible to the masses.

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