Gold Jewellery Within CBDT Circular Limit Not Deemed Unexplained: ITAT

Neeti Rastogi Vs ACIT (ITAT Delhi) Introduction: The Income Tax Appellate Tribunal (ITAT) in Delhi, in a recent case between Neeti Rastogi and ACIT, passed a judgment concerning the “unexplained jewellery” under section 69 of the Income Tax Act. The case delved into the acceptable limits of gold jewellery as defined by the CBDT Circular. Background of the Case: Neeti Rastogi appealed against an order dated 18.03.2016 passed by the Commissioner of Income Tax. The primary contention revolved around an addition of Rs. 10 lacs estimated by the Assessing Officer (AO) for the jewellery f...