‘Mother-in-Law’ includable as ‘Family Members’: ITAT deletes Addition on Excess Gold [Read Order]

Family members - ITAT - Gold - taxscan

The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) while deleting an addition, held that the mother-in-law of the assessee can be treated as a “family member” and therefore, the excess gold found during search cannot be subject to addition under the Income Tax Act, 1961 as per the circular issued by the Central…

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