New Delhi, Sept. 30 -- A recent case involving inherited jewellery valued at Rs.1.56 crore highlights the importance of maintaining records that establish the ownership and source of family jewellery, even when the original purchase invoices are no longer available.

The Kolkata Income Tax Appellate Tribunal (ITAT) ruled in favour of the assessee in the case, underscoring the importance of supporting claims about inherited jewellery with credible and consistent evidence.

Taxpayers may be required to explain both the nature and source of jewellery and support their explanation with appropriate evidence, tax experts say.

The mere presence of jewellery at a person's home or in a locker does not, by itself, establish how it was acquired or ...