Gold Jewellery acquired by Tradition/Customs: ITAT allows Income Tax Concession [Read Order]

Gold - Gold Jewellery - Tradition - Customs - ITAT - Income Tax Concession - Income Tax - Tax - Concession - Tax Concession - taxscan

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) has recently allowed an additional income tax concession on the Gold acquired by the assessee, Lakshmanan Indirani by way of customary practices and tradition. The assessee was subjected to search action under Section 132 of the Income Tax Act. During the search, the…

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