Supply of Pre-Owned Gold/Diamond Jewellery to Third Person After Minor Processing attracts 3% GST: AAR [Read Order]
The West Bengal Authority for Advance Ruling (AAR) recently ruled that the supply of old/ second hand gold or diamond jewellery initially purchased...
Quantity of Gold Jewellery Less than Allowable Limit by CBDT Circular not Unexplained Jewellery u/s 69 of Income Tax Act: ITAT [Read Order]
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...
Purchase of Flat out of Sale Proceeds of Gold Jewellery: ITAT Allows Capital Gain Exemption u/s 54F [Read Order]
The Mumbai Bench of Income Tax Appellate tribunal (ITAT) has allowed capital gain exemption under Section 54F of the Income Tax Act 1961, on finding that the purchase of flats was out of sale...
Deposit of Gold Jewellery by Family members of Partners amount to Stock in Trade of the Firm: ITAT [Read Order]
The Bangalore Bench of Income Tax Appellate Tribunal(ITAT) has held that the deposit of gold jewellery by family members of a partner in the partnership firm would be treated as the stock in trade of...
High Status and Family Tradition of Assessee shall be Considered: ITAT deletes Addition of Heavy Gold Jewellery received as 'Streedhan' by Royal Family Member [Read Order]
While deleting an addition in respect of heavy gold jewellery received as “Streedhan”, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the high status and family traditions shall...
