No Addition against Individual Member If It is agreed that the Gold belongs to Whole Family: ITAT

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition cannot be made against an individual member of the family agrees that the gold in possession belongs to them. The income tax department seized gold and silver worth 37 lakhs during a search conducted on the premises of the assessee. […]

from Taxscan | Simplifying Tax Laws https://ift.tt/31kPid8