TMI Blog2013 (11) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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. - Income Tax Appeal N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case, the Tribunal was justified in confirming the orders of authorities below making addition of Rs. 1,05,300/- representing the value of 27 gold sovereigns, excluding them from the total jewelery seized, and accepting the statement of the appellant that total jewelery belongs to mother, wife and children, in part? (3). Whether upon the facts and circumstances of the case, the Tribunal w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47,917.20 belonged to his mother and wife and which had been acquired for the last more than 40 years by her mother and six years by his wife and the small items of jewelery belonging to his children, were received as presents on several occasions. The Assessing Officer accepted the explanation given by the assessee for the entire jewelery, except 27 gold sovereigns (ginnis) as according to him, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns (ginnis), weighing 216 gms are not to be treated as jewelery, but as the said 27 gold sovereigns (ginnis) were included in the list of jewelery found at the time of search (Annexure-J) and it's weight was also included in the jewelery, the explanation given by the assessee that the entire jewelery belonging to his mother and wife ought to have been accepted when part of it has been accepted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereigns (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. We therefore set aside the order passed by the authorities on this point and hold that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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