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2017 (9) TMI 473 - ITAT JAIPURDetermining any unexplained jewellery in the hands of the appellant - circular no. 1916 - non-granting of relief as per CBDT Circular in respect of the jewellery belonging to the married female - Held that:- CIT (A) has not given any reason for denying the benefit/set off to the extent of 250 gms in case of Aditi Mishra and Aanchal Mishra (minor grand-daughters) and partly allowing the benefit to the extent of 250 gms to Smt. Roshni Mishra. We find that the case of the assessee is covered by the CBDT Circular No. 1916 dated 11.05.1994 whereby the CBDT had issued guidelines stating that “ In the case of a person not assessed to wealth-tax gold jewellery and ornaments to the extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male member of the family need not be seized.” Therefore, following the above guidelines and also judgment of Hon’ble Jurisdictional High Court in the case of Satya Narain Patni (2014 (5) TMI 1002 - RAJASTHAN HIGH COURT) we direct the AO to allow gold jewellery weighing 250 gms [(500gms – 250 gms allowed by CIT (A)] in the hands of Roshni Mishra (daughter-in-law), 250 gms. each in the hands of Aditi Mishra and Aanchal Mishra (minor grand-daughter) - Decided in favour of assessee. Disallowance of interest expense - Held that:- The assessee was having sufficient own funds as reflected in the capital account of the assessee as on 31.03.2008 so as to make investment for purchase of shares of other companies and generate exempt income. See CIT vs. Vijay Solvex Ltd.[2014 (12) TMI 1191 - RAJASTHAN HIGH COURT]- Decided in favour of assessee.
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