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2014 (9) TMI 322 - HC - Income TaxUnexplained investment – Gold jewellery seized - Whether the assessees in both the cases are entitled to plead that the quantum of excess gold jewellery seized does not warrant inclusion in the income of the assessees as unexplained investment in the light of the Board Instruction No.1916 [F.No.286/63/93-IT (INV.II)], dated 11.5.1994 – Held that:- CIT(A) has correctly held that the Board Instruction does not make allowance in calculation of unexplained jewellery and it only states 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 - in the case of a wealth-tax assessee, gold jewellery and ornaments found in excess of the gross weight declared in the wealth-tax return can be seized - this is only an enabling provision and will be applicable if there are circumstances to come to the conclusion that the status of the family and custom and practices of the community require holding of such jewellery - the assssees have not given any such explanation either before the Original Authority or the First Appellate Authority or the Tribunal - there no justification to interfere with the order of the Tribunal and no substantial question of law arises for consideration – Decided against assessee.
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