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Section 54F exemption against sale of jewellery, acquisition of which was unproved- ITAT upheld additions
Case Law Details
- Case Name
- Kiran Bala Gupta Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Hyderabad
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Kiran Bala Gupta Vs DCIT (ITAT Hyderabad)
During the course of scrutiny assessment proceedings, it was observed by the learned AO that the assessee has declared long term capital gains of Rs.31,29,215/- towards sale of jewellery and claimed deduction u/s 54F of the Act against investment made in construction of house. Assessee was asked to show proof for the purchase of jewellery, whereas she had replied that the said jewellery was received from her mother on her 10th wedding anniversary in 1998. She also furnished invoices from M/s. Manoj Jewellery, Secunderabad for purchase of jewellery. Con...
