Income tax on gold jewellery: ITAT says CBDT limits cannot cap family holdings, deletes ₹20.45 lakh addition
The Delhi ITAT deleted a ₹20.45 lakh addition for unexplained family jewellery, ruling that CBDT’s seizure guidelines cannot automatically cap how much gold a taxpayer can explain.
The tribunal considered the family’s income, financial position and customary practices.
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