https://www.taxtmi.com/highlights?id=66737 Addition u/s 68 in respect of jewellery - It is not in dispute that what is received as gift is only jewellery. Hence, what is received is only gift in kind. Accordingly, the provisions of Section 68 per se could not be invoked in the instant case. It is trite law and the bare reading of the provisions of Section 68 are very clear that the said provisions could be made applicable only for sums received in cash or cheque or demand draft for which satisfactory explanation could not be given by the assessee. - AT en-us Thu, 24 Nov 2022 11:54:18 +0530 Thu, 24 Nov 2022 11:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=66737 Addition u/s 68 in respect of jewellery - It is not in dispute that what is received as gift is only jewellery. Hence, what is received is only gift in kind. Accordingly, the provisions of Section 68 per se could not be invoked in the instant case. It is trite law and the bare reading of the provisions of Section 68 are very clear that the said provisions could be made applicable only for sums received in cash or cheque or demand draft for which satisfactory explanation could not be given by the assessee. - AT Highlights Income Tax Thu, 24 Nov 2022 11:54:18 +0530 https://www.taxtmi.com/highlights?id=66737