https://www.taxtmi.com/caselaws?id=357474 The ITAT allowed the appeal by the assessee, setting aside the addition of Rs. 13,47,827 on account of alleged undisclosed jewellery. The ITAT found the jewellery possessed by the assessee to be reasonable and within prescribed limits based on family composition and CBDT circular guidelines. The decision emphasized that the ld. CIT(A) did not adequately consider these factors, leading to the direction to delete the addition. Consequently, all grounds of the assessee were allowed, resulting in the deletion of the sustained addition by the ld. CIT(A). en-us Fri, 09 Mar 2018 00:00:00 +0530 Fri, 01 Jun 2018 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357474 The ITAT allowed the appeal by the assessee, setting aside the addition of Rs. 13,47,827 on account of alleged undisclosed jewellery. The ITAT found the jewellery possessed by the assessee to be reasonable and within prescribed limits based on family composition and CBDT circular guidelines. The decision emphasized that the ld. CIT(A) did not adequately consider these factors, leading to the direction to delete the addition. Consequently, all grounds of the assessee were allowed, resulting in the deletion of the sustained addition by the ld. CIT(A). Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357474