https://www.taxtmi.com/caselaws?id=450647 The ITAT Jodhpur allowed the appellant's appeal regarding addition of Rs. 2 lakh on account of a diamond set received as gift. The CIT(A) had accepted that the diamond set was genuinely gifted by appellant's late father but granted relief only for acquisition cost, confirming addition for the difference between market value and cost. The ITAT held that when acquisition cost is proved, the difference between market value at time of marriage and cost cannot be added as income. The appellant's claim was supported by mother's affidavit after father's death, which remained uncontroverted. The ITAT directed deletion of the sustained addition. en-us Thu, 07 Mar 2024 00:00:00 +0530 Sat, 09 Mar 2024 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450647 The ITAT Jodhpur allowed the appellant's appeal regarding addition of Rs. 2 lakh on account of a diamond set received as gift. The CIT(A) had accepted that the diamond set was genuinely gifted by appellant's late father but granted relief only for acquisition cost, confirming addition for the difference between market value and cost. The ITAT held that when acquisition cost is proved, the difference between market value at time of marriage and cost cannot be added as income. The appellant's claim was supported by mother's affidavit after father's death, which remained uncontroverted. The ITAT directed deletion of the sustained addition. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450647