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2015 (10) TMI 1407 - ITAT HYDERABADUnexplained jewellery found during the course of search - assessee has relied on the Instruction of the Central Board of Direct Taxes No. 1916 of May 11, 1994 laying down the guidelines that in the case of a person not assessed to wealth tax, gold jewellery and ornaments to the extent of 500 grams for a married lady need not be seized - Held that:- Tribunal in various cases has relied on the said circular to hold that the guidelines laid down by the Central Board of Direct Taxes in Circular No. 1916 are suggestive of normal quantity of gold ornaments held by any Indian family. In one such decisions rendered in the case of Asst. CIT v. Rameshchandra R. Patel [2004 (2) TMI 271 - ITAT AHMEDABAD-A] Tribunal has held that the Central Board of Direct Taxes Instruction No. 1916 dated May 11, 1994 impliedly suggests the quantity of jewellery that a family is supposed to hold as received at the time of marriage from parents and in laws. It was also held that though the said Instruction gives a guideline in the matter of seizure, the same can be extended to treat the quantum of jewellery as mentioned therein as explained, keeping in view the customs and practices in the Indian society. Thus we hold that the gold jewellery of 472 grams found during the course of search can reasonably be treated as explained, being the streedhan of the assessee's wife, having been received by her on the occasion of marriage as well as subsequent occasions over the period. Accordingly, we delete the addition - Decided in favour of assessee.
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