INCOME TAX27 Sept 2026
₹14.69 crore jewellery found in tax search: When can inherited gold escape tax scrutiny? | Mint
The Kolkata Income Tax Appellate Tribunal (ITAT) has upheld the removal of a ₹1.56 crore tax addition on 3,233 grams of jewellery found in family bank lockers during a search. The taxpayer said the gold belonged to his deceased grandparents, father and family HUF (Hindu Undivided Family). So if you hold inherited jewellery, keep old valuation reports, locker records and family affidavits safe to prove ownership.
Key Statutory Highlights
- The Kolkata ITAT dismissed the tax department's appeal on 11 September 2026 and upheld that the jewellery belonged to the taxpayer's deceased family members, not to him.
- The 3,233.11 grams of jewellery, valued at ₹1.56 crore, was found in UCO Bank lockers that were not held solely in the taxpayer's name.
- Valuation reports dating back to 1997 that matched the jewellery, and an affidavit from his mother claiming ownership, supported the family's explanation.
Actionable Advice for Taxpayers / Founders:For inherited or ancestral jewellery, keep old valuation reports, locker records and any family affidavits safely. If you ever face a search or notice, show these papers to your chartered accountant before you reply.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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