Sale of Stridhan Jewellery Cannot Be Rejected Solely Due to Absence of Wealth Tax Return: ITAT Mumbai

Rashmi Niranjan Mehta Vs ITO (ITAT Mumbai) The Mumbai Income Tax Appellate Tribunal (ITAT) heard an appeal filed by the assessee against the order dated 03.07.2025 passed by the Commissioner of Income Tax (Appeals) for AY 2013-14. The dispute related to denial of deduction under Section 54F, treatment of sale proceeds from gold ornaments and silver utensils as income from other sources, and disallowance of deductions under Sections 24 and 80C. The assessee had filed her return declaring income of ₹57,140. During assessment proceedings, the Assessing Officer noted that the assessee had claime...