Addition on account of diamond set received as gift by the ...

Income Tax

March 9, 2024

Addition on account of diamond set received as gift by the appellant - The CIT(A) accepted the appellant's submission that the diamond set was indeed gifted by his late father. However, CIT(A) granted relief only to the extent of cost of Acquistion and confirmed the additions of difference amount between market value and cost - The Tribunal found that since the cost of acquisition of the diamond set was proved, the market value at the time of marriage should not be added to the appellant's income. - Tribunal decided to delete the addition entirely, considering the proven cost of acquisition of the diamond set.

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Addition on account of diamond set received as gift by the ...

Income Tax

March 9, 2024

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