The Nagpur ITAT deleted a tax addition on jewellery found during an income-tax search, stressing ownership, source and family circumstances. The ruling also examined the CBDT’s prescribed jewellery limits and whether possession within those limits can be treated as reasonably explained.
Read more at the source
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and credits belong to the original authors and publishers.