Old Jewellery found in Locker can’t be treated as Undisclosed Income: ITAT deletes Penalty [Read Order]

In an assessee-friendly ruling, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the old jewellery found in the locker of the assessee and the family members cannot be treated as undisclosed for the purpose of levying penalty. The department recovered some jewellery from the assessee during the course of search […]

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