Section 54F exemption against sale of jewellery, acquisition of which was unproved- ITAT upheld additions

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, Se

Please become a Premium member. If you are already a Premium member, login here to access the full content.