Income tax on gold jewellery: ITAT says CBDT limits cannot cap family holdings, deletes ₹20.45 lakh addition

The Delhi Income Tax Appellate Tribunal (ITAT) has ruled that the Central Board of Direct Taxes (CBDT) cannot cap family holdings of gold jewellery. The tribunal deleted a ₹20.45 lakh addition for unexplplained family jewellery, considering the family's income, financial position, and customary practices.