https://www.taxtmi.com/caselaws?id=245657 The Tribunal partially allowed the assessee's appeal challenging the assessment order under the Income Tax Act, 1961. The addition of sale proceeds of inherited artifacts was deleted as they were deemed household items, not capital assets. However, the addition of jewelry sale proceeds was upheld due to insufficient evidence of inheritance, leading to a deeming presumption under section 69A. The contention for indexation on jewelry sale was rejected for the same reason. en-us Fri, 28 Mar 2014 00:00:00 +0530 Fri, 04 Apr 2014 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245657 The Tribunal partially allowed the assessee's appeal challenging the assessment order under the Income Tax Act, 1961. The addition of sale proceeds of inherited artifacts was deleted as they were deemed household items, not capital assets. However, the addition of jewelry sale proceeds was upheld due to insufficient evidence of inheritance, leading to a deeming presumption under section 69A. The contention for indexation on jewelry sale was rejected for the same reason. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245657