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2013 (10) TMI 556 - AT - Income TaxUnexplained investment u/s 69 - Unexplained jewellery found during search and seizure - Held that:- assessee has tried to explain the jewellery as acquired from father and father-in-law sides. The assessee has also explained the jewellery acquired by her and which has been duly recoded and shown in the regular returns filed much before the date of search. Thus the acquisition of jewellery to the extent of 227.010 was duly explained - in so far as credit of jewellery belonging to assessee i.e. 500 gms and her husband i.e. 100 gms was only given by him, however, the ld. CIT(A) has not given credit for jewellery belonging to minor children of assessee - CBDT Circular No. 1916 dated 11-05-94 lays down guidelines for seizure of jewellery and ornaments in the course of search, the same takes into account the quantity of jewellery which would generally be held by family members of an assessee belonging to an ordinary Hindu Household - In view of the decision of Hon'ble Gujarat High Court vis a vis CBDT Circular No. 1916 dated 11-05-1994, we direct the Assessing Officer to allow further deduction of 100 gms in respect of minor male children and 250 gms in case of minor female children of assessee, which the ld. CIT(A) has failed to give. Thus the assessee desires further credits of 350 gms jewellery as belonging to her minor children - Decided in favour of assessee.
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