https://www.taxtmi.com/caselaws?id=755554 ITAT Delhi allowed the assessee's appeal regarding unexplained jewellery addition of 1179.10 gms under Section 69A. The AO had accepted 1300 gms as attributable to family members but rejected 764.40 gms claimed to belong to sisters-in-law. The tribunal held that high-income bracket assessees can legitimately hold substantial jewellery quantities. Considering the family's overall status and normal Indian customs, the tribunal found the entire gold ornaments adequately explained. Following Delhi HC precedent in Ashok Chaddha case, which recognized jewellery accumulation over 25-30 years of married life as normal, the tribunal directed deletion of Section 69A additions. en-us Thu, 07 Dec 2023 00:00:00 +0530 Sat, 13 Jul 2024 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755554 ITAT Delhi allowed the assessee's appeal regarding unexplained jewellery addition of 1179.10 gms under Section 69A. The AO had accepted 1300 gms as attributable to family members but rejected 764.40 gms claimed to belong to sisters-in-law. The tribunal held that high-income bracket assessees can legitimately hold substantial jewellery quantities. Considering the family's overall status and normal Indian customs, the tribunal found the entire gold ornaments adequately explained. Following Delhi HC precedent in Ashok Chaddha case, which recognized jewellery accumulation over 25-30 years of married life as normal, the tribunal directed deletion of Section 69A additions. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755554