ITAT deletes Unexplained Jewelry Additions, Applies CBDT Instruction 1916 allowing Jewelry Holding for other Family Members
By applying the benefits of the CBDT instruction 1916, ITAT deletes unexplained jewelry addition
By Kavi Priya - On September 27, 2024 7:45 am - 2 mins read
The Bangalore Bench of the Income Tax Appellate Authority ( ITAT ) deleted the addition made by the assessing officer (AO) on unexplained jewelry by applying the benefit under the Central Board of Direct Taxes ( CBDT ) instruction 1961, which permits jewelry possession for other family members. A search and survey operation was conducted…
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