ITAT Deletes Addition on Marriage Gifted Jewellery

Anuj Sood Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) in Delhi recently reached a significant decision in the case of Anuj Sood Vs ACIT. The case pertains to the addition of Rs. 73,87,343 made by the Assessing Officer (AO) as unexplained bullion/jewellery under sections 69B and 115BBE of the Income Tax Act, 1961, a decision which was upheld by the Commissioner of Income Tax (Appeals). The key argument made by Anuj Sood centered around the jewellery being gifts received during his marriage just a month prior to the tax search. A search action carried out at Anuj Sood’s r...