Whose gold is it? Tax dept seizes wife's Rs 1.65 crore jewellery; husband challenges notice in ITAT and wins - explained
The Income Tax Appellate Tribunal ruled in favor of a taxpayer, stating that gold jewelry seized during a search could not be treated as unexplained investment in his hands. The Tribunal noted that the same assets were already declared and accepted in his wife's tax assessment, making a separate addition legally baseless.
The Income Tax Appellate Tribunal ruled in favor of a taxpayer, stating that gold jewelry seized during a search could not be treated as unexplained investment in his hands. The Tribunal noted that the same assets were already declared and accepted in his wife's tax assessment, making a separate addition legally baseless.
