Quantity of Gold Jewellery Less than Allowable Limit by CBDT Circular not Unexplained Jewellery u/s 69 of Income Tax Act: ITAT [Read Order]

Quantity - Gold- Jewellery - Allowable - CBDT -Circular - Unexplained -Jewellery- Income- Tax -Act-ITAT-TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that as per the CBDT (Central Board of Direct Taxes)  circular, 500 gms for the assessee, 100 gms for her husband and 250 gms for her two unmarried daughters is the allowable limit for making addition. Thus the Tribunal deleted the addition made as the…

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