ITAT Deletes Gold Addition as Jewellery Limits as per CBDT Instruction 1916 Applied

Dinesh Kumar Jain Vs DCIT/ACIT (ITAT Delhi) The Delhi ITAT allowed the assessee’s appeal and deleted the addition of ₹2,32,000 made on account of 40 grams of gold bullion found during a search operation. The dispute arose from an assessment framed under Section 143(3) of the Income Tax Act for AY 2023-24 following a search conducted under Section 132 in the Ulfex Montage Group cases. During the search and seizure proceedings, bullion weighing 125 grams, comprising 21 gold ginnies valued at ₹7,25,000, was found and seized from the assessee’s premises. The assessee explained that the gol...