₹14.69 crore jewellery found in tax search: When can inherited gold escape tax scrutiny?

The Kolkata ITAT has upheld the deletion of a ₹1.56 crore tax addition on 3,233 grams of jewellery found in family bank lockers during an Income Tax search. The taxpayer said the jewellery belonged to his deceased grandparents, father and family HUF. 

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