Woman declares Rs 67.4 lakh ancestral jewellery in ITR; tax dept sends notice, she wins in ITAT

The assessment threw up two separate issues. The first concerned jewellery worth Rs 67,39,949 that the woman had disclosed in Schedule AL of her income tax return. The tribunal also examined whether the Rs 12 lakh paid to the HUF represented a genuine brokerage expense when the same person, the HUF’s Karta/coparcener, had already received another Rs 12 lakh for the same transaction.