Indian Women Traditionally Keep Jewelry at Maternal Home for Various Reasons: ITAT Delhi deletes addition

Kirti Singh Vs ACIT (ITAT Delhi) ITAT held that Indian Women Traditionally Keep Jewelry at Maternal Home for Various Reasons and CBDT instruction, where the status of the family and customs and practices of the community to which family belongs, permit an assessee to hold larger quantity of jewellery and ornaments out of the purview of seizure. In the case of Kirti Singh vs. ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Delhi, the issue revolved around the assessment of jewellery found during a search and seizure operation under Section 132 of the Income Tax Act, 1961, conducted on ...