Income tax on gold jewellery: ITAT says CBDT limits cannot cap family holdings, deletes ₹20.45 lakh addition
· livemint.com
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.
Families may accumulate gold jewellery over decades through weddings, inheritance and gifts. When the Income Tax Department finds jewellery during a search, the...