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2015 (8) TMI 1374 - AT - Income TaxAddition on unexplained investment in Jewellery and Silver - Search & seizure action - Held that:- We are of the opinion that the maximum relief that could be given to the assessee is only on the value of gold jewelelry to the extent as per the circular No. 1916, dated May 11, 1994, lays down guidelines for seizure of jewellery and ornaments in the course of search what could be given credit for a male member is only 100 gms. No credit could be given for HUF, for the simple reason that an HUF cannot wear any jewellery by itself. In our opinion, the maximum relief that could be given to the assessee in addition to what was given by the AO was 950 gms, viz., 100 gms for assessee, 100 gms for assessee’s son, 250 gms for assessee’s daughter and 500 gms for assessee’s daughter-in-law. Addition made for unexplained silver found at the time of search was in our opinion was justified. AO is directed to give relief to the assessee for 950 gms of gold jewellery and rework the addition accordingly. Appeal of the assessee is treated as partly allowed.
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