On finding that lower authorities had erred in computing the estimated gain on silver articles, the Chennai ITAT deleted the addition made by CIT and levy of penalty u/s 271 of the Income Tax Act, 1961. The AO reframed assessment at Rs.170.83 Lacs after certain additions of excess gold and diamond jewellery and also determined long term capital gain on …
I am 70-year-old and have got long term capital gain money of ₹15 lacs by selling 30-year-old residential property. Alternatively, I can invest 15 Lacs in Pradhan Mantri Vaya Vandana Yojana with a higher interest rate but I will have to pay upfront 20 percent tax now on a long term gain of 15 Lacs. Your investment in Capital Gain …
