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2013 (11) TMI 1038 - ALLAHABAD HIGH COURTBlock assessment - Gold sovereigns found in search – Held that:- Among other jewellery 27 gold sovereigns were found - The assessee stated that the jewelery found at the time of search including gold sovereigns belonged to his mother and wife and which had been acquired over years - Even though gold sovereigns (ginnis) may not be an item of jewelery, the word 'jewelery' is being used in a loose term and part of the explanation regarding jewelery has been accepted by the Department, then there is no occasion as to why the remaining part relating to 27 gold sovereigns (ginnis) ought not to have been accepted – Decided in favour of assessee.
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