https://www.taxtmi.com/caselaws?id=758483 ITAT Delhi allowed the assessee's appeal regarding treatment of jewellery sale proceeds. The tribunal held that inherited jewellery aged 30-40 years should be treated as LTCG, not STCG, considering cultural customs and family status. Revenue authorities should have accepted valuation reports and witness statements. The tribunal also allowed full exemption u/s 54 for new house purchase despite 50% ownership by spouse, noting the assessee made entire investment and TDS deduction. Following precedent in Satya Narain Patni case, both additions were deleted and appeal allowed. en-us Thu, 29 Aug 2024 00:00:00 +0530 Sat, 14 Sep 2024 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758483 ITAT Delhi allowed the assessee's appeal regarding treatment of jewellery sale proceeds. The tribunal held that inherited jewellery aged 30-40 years should be treated as LTCG, not STCG, considering cultural customs and family status. Revenue authorities should have accepted valuation reports and witness statements. The tribunal also allowed full exemption u/s 54 for new house purchase despite 50% ownership by spouse, noting the assessee made entire investment and TDS deduction. Following precedent in Satya Narain Patni case, both additions were deleted and appeal allowed. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758483