When Mrs Parikh from Vile Parle West, Mumbai, submitted Schedule AL in her income tax return (ITR) for the first time after surpassing the Rs 50 lakh income threshold, the Income Tax Department discovered that she owned jewellery valued at Rs 67 lakh.
However, after AY 1997-1998, Mrs Parikh had stopped filing wealth tax returns disclosing such jewellery items. This led to the suspicion by Income Tax Department that Mrs Parikh might have sold the said jewellery and so she was sent a unexplained credit income tax notice for the jewellery.
