Woman declared Rs 67.4 lakh ancestral jewellery in her ITR which led to additions by tax department; ITAT Mumbai deleted it on basis of old records, but rejected her Rs 12 lakh HUF brokerage claim
On the jewellery issue, the ITAT found that the department’s reasoning involved too many assumptions. (Image for representative purpose only) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has given partial relief to a Mumbai taxpayer who was asked to explain jewellery worth Rs 67.39 lakh disclosed in her income tax return. The tribunal deleted…