ITAT Mumbai Quashed Section 68 Addition Due to Evidence of Inherited Jewellery

Priyanka Lalitkumar Raizada Vs DCIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) considered an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, which had upheld an assessment framed under Section 143(3) of the Income-tax Act, 1961 for Assessment Year 2014–15. The core dispute related to an addition of ₹21,50,540 made under Section 68 of the Act by treating the sale proceeds of jewellery as unexplained cash credits. The appeal before the Tribunal was filed with a delay of 490 day...