ITAT deletes Addition for 850 gms gold Jewellery held by Joint Family

Amith Kumar Bethala Vs DCIT (ITAT Bangalore) There is no dispute with regard to the fact that the family of the assessee is engaged in jewellery business. Hence it is inconceivable that the family members could not have possessed any jewellery. The quantity of 500 grams, 250 grams and 100 grams mentioned in the CBDT instruction is not the upper limit for giving credit. Hence, as contended by the Ld A.R, a reasonable estimate should have been made considering the family status of the assessee. In any case, the Ld CIT(A) has given credit of 850 grams on the basis of CBDT instruction in respect o...