https://www.taxtmi.com/caselaws?id=405550 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal in the case, directing the Assessing Officer (A.O.) to make adjustments regarding the addition of jewelry. The ITAT upheld the CIT(A)'s decision to grant additional credit of 50 grams per family member but ruled that the excess jewelry should be added on a pro-rata basis among all family members, not solely in the assessee's hands. The ITAT considered the family's social status and financial details provided, ultimately reducing the addition in the assessee's hands to Rs. 9,29,858/- from the initial Rs. 27,92,397/-. en-us Fri, 12 Mar 2021 00:00:00 +0530 Tue, 23 Mar 2021 08:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405550 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal in the case, directing the Assessing Officer (A.O.) to make adjustments regarding the addition of jewelry. The ITAT upheld the CIT(A)'s decision to grant additional credit of 50 grams per family member but ruled that the excess jewelry should be added on a pro-rata basis among all family members, not solely in the assessee's hands. The ITAT considered the family's social status and financial details provided, ultimately reducing the addition in the assessee's hands to Rs. 9,29,858/- from the initial Rs. 27,92,397/-. Case-Laws Income Tax Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405550