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2014 (5) TMI 775 - AT - Income TaxJurisdiction of the AO u/s 153A of the Act – No valid search conducted u/s 132 of the Act – Addition u/s 69 of the Act – Unexplained investment - Allowability of rebate in respect of jewellery – Held that:- The issue of applicability of the Instruction No. 1916 dated 11.5.1994 to the assessment proceedings was considered in CIT vs. Ratanlal Vyaparilal Jain [2010 (7) TMI 769 - Gujarat High Court] – Tribunal has allowed the rebate to the assessee as per the aforesaid CBDT’s Instructions – unless the Revenue shows anything to the contrary, it can safely be presumed that the source to the extent of the jewellery stated in the circular stands explained - the approach adopted in considering the extent of jewellery specified under the circular to be a reasonable quantity, cannot be faulted with - it is not possible to state that the Tribunal has committed any legal error so as to give rise to a question of law - the AO is directed to allow the rebate of 950 gms. of jewellery as against the 700 gms. of jewellery directed by the CIT(A) – Decided in favour of Assessee.
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