ITAT deletes addition for jewellery in excess of limit prescribed under CBDT Instruction No. 1916

Sh. Vibhu Aggarwal Vs DCIT (ITAT Delhi) ITAT held that the excess jewellery found in the case of assessee, his parents, his wife, their children and the HUF was very nominal, and was very much reasonable, keeping in mind the riches and high status and more customary practices. It further held that Keeping in view of the facts and circumstances of the case as well as the status of the family and on the anvil of the judgement of the High Court of Delhi in the case of Ashok Chadha vs. ITO (Supra) & of Sushila Devi in Writ Petition No. 7620 of 2011 dated 21.10.2016 and the ITAT Delhi decision ...