Jewelry Addition u/s 69B by Assuming Equal Ownership Among Cohabitants Invalid: ITAT [Read Order]

The tribunal questioned the AO's equal distribution of jewelry value among three women in a shared residence, despite affidavits suggesting otherwise.
By Varda Marakkar - On August 31, 2024 3:39 pm - 2 mins read
Jewllery - section 69b - Ownership - Equal Ownership Among Cohabitants invalid - Itat - income tax news related to jewellary - itat news related to jewellary - income tax news on jewellery - jewelry - tax news - taxscan

In a recent case, the Delhi ‘A’ bench of the  Income Tax Appellate Tribunal ( ITAT ) held that income tax additions made on jewelry under section 69B of the Income Tax Act, 1961 was invalid as the Assessing Officer (AO) did so by assuming equal ownership among cohabitants without actually verifying who owns how…

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