Whose gold is it? Tax dept seizes wife’s Rs 1.65 crore jewellery; husband challenges notice in ITAT and wins – explained
Gold jewellery worth Rs 1.65 crore and silver articles weighing 3 kg were seized from the residence of Suresh (name withheld) during an Income Tax Department search in November 2019. The Assessing Officer (AO) added the value to Suresh’s income as unexplained investment under Section 69 of the Income Tax Act, citing discrepancies between invoices,…